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Jack Dorsey dramatically shutters Block’s TBD crypto unit

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Jack Dorsey dramatically shutters Block's TBD crypto unit


Jack Dorsey, co-founder of Twitter Inc., speaks during the Bitcoin 2021 conference in Miami, Florida, U.S., on Friday, June 4, 2021.

Eva Marie Uzcategui | Bloomberg | Getty Images

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During the crypto-crazed summer of 2021, when memecoins like dogecoin and Shiba Inu were rocketing alongside bitcoin and ethereum, Square founder Jack Dorsey announced that his payments company was starting a new business unit, with the goal of “making it easy to create non-custodial, permissionless, and decentralized financial services.”

“Our primary focus is #Bitcoin,” Dorsey proclaimed on Twitter. The name of the business unit would be TBD.

In December of that year, Dorsey went a step further, changing the name of Square Inc. to Block, a reference, he said, to a number of things, including blockchain, the technology underpinning bitcoin. The Square Crypto business became known as Spiral.

Three years later, Dorsey is in retreat.

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On Block‘s third-quarter earnings call on Thursday, CFO Amrita Ahuja said Block has “made some recent decisions with respect to some of our emerging initiatives” and is “winding down our TBD efforts.”

Block continues to own a hefty amount of bitcoin on its balance sheet, with the current value of its holdings swelling to $630 million. And the company said it will be investing in a bitcoin mining initiative as well as Bitkey, its bitcoin wallet, while continuing to allow users to buy bitcoin through Cash App.

It’s a notable change of tune.

TBD was designed to be Block’s platform for developers. Block called it Web5 and said the mission was to create a more decentralized, secure and private internet. Dorsey said in a tweet in mid-2022 that Web5 “will likely be our most important contribution to the internet.”

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Square’s five-year stock chart

But Wall Street’s view on crypto was starting to sour dramatically. With inflation soaring in 2022 and interest rates on the rise, shareholders demanded quicker returns on their investments. After peaking in 2021, Block shares lost more than 80% of their value before bottoming in October of last year.

Block said in late 2023 that it would cut its headcount — then about 13,000 staffers — by as much as 1,000 by the end of 2024. Fortune reported that Block laid off employees at TBD in recent weeks. And in the third-quarter shareholder letter, Block said it was “scaling back” its investment in Tidal, the music-streaming service founded by Jay-Z, after spending about $300 million on a majority stake in the business in 2021. Tidal was part of TBD.

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Dorsey was asked by an analyst on Thursday’s call about the company’s current bitcoin strategy.

“What we’re focused on in terms of our strategy overall on bitcoin is making it more accessible, making sure that more people can access bitcoin, buy, sell it, obviously, but also send it peer-to-peer,” Dorsey said.

Dorsey added that he wants “the internet to have a native currency,” because that would allow Block to move money faster and offer Cash App and other products in more markets.

A Block spokesperson reiterated the company’s public statement and pointed to Dorsey’s comments from the earnings call.

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What’s become clear is that Dorsey can only do so much with crypto while trying to appease a more discerning Wall Street. Shares of Block were down about 1% at market close on Friday, after the company reported revenue that trailed estimates and issued weaker gross profit guidance than some analysts were expecting.

In his 1,400-word letter to shareholders, Dorsey focused entirely on the company’s lending offerings for small businesses. A significant chunk of that is the buy now, pay later product from Afterpay, which Block acquired for $29 billion in 2021.

Dorsey didn’t mention crypto or bitcoin once.

WATCH: Block and Affirm slide on earnings

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Study finds great white sharks less likely to attack surfboards with bright lights: “Like an invisibility cloak”

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Study finds great white sharks less likely to attack surfboards with bright lights: "Like an invisibility cloak"


Covering your surfboard in bright lights sounds like an open invitation to great white sharks, but research released Tuesday by Australian scientists found it might actually stave off attacks.

Biologist Laura Ryan said the predator often attacked its prey from underneath, occasionally mistaking a surfer’s silhouette for the outline of a seal.

Ryan and her fellow researchers showed that seal-shaped boards decked with bright horizontal lights were less likely to be attacked by great white sharks.

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This appeared to be because the lights distorted the silhouette on the ocean’s surface, making it appear less appetizing.

“There is this longstanding fear of white sharks and part of that fear is that we don’t understand them that well,” said Ryan, from Australia’s Macquarie University.

The study, published in the journal Current Biology, was conducted in the waters of South Africa’s Mossel Bay, a popular great white feeding ground.

Seal-shaped decoys were strung with different configurations of LED lights and towed behind a boat to see which attracted the most attention.

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Brighter lights were better at deterring sharks, the research found, while vertical lights were less effective than horizontal.

Macquarie University Professor Nathan Hart, one of the study’s authors, said the lights caused a “complex interaction” with the shark’s behavior.

“It’s like an invisibility cloak but with the exception that we are splitting the object, the visual silhouette, into smaller bits,” Hart said.

The study’s authors released a video showing some of the research in action.

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Lights stop Great White attacks: new shark research by
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Ryan said the results were better than expected and is now in the process of building prototypes for use on the underside of kayaks and surfboards.

Australia has some of the world’s most comprehensive shark management measures, including monitoring drones, shark nets and a tagging system that alerts authorities when a shark is near a crowded beach.

Ryan said her research could allow less invasive mitigation methods to be used.

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More research was needed to see if bull and tiger sharks — which have different predatory behavior — responded to the lights in a similar way, the authors said.

shark-study-fx1-lrg.jpg
Covering your surfboard in bright lights may deter great white shark attacks, according to research released Tuesday by Australian scientists.

Ryan et al. / Current Biology


There have been more than 1,200 shark incidents in Australia since 1791, of which 255 resulted in death, official data shows.

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Great white sharks were responsible for 94 of those deaths.

The overall number of deadly shark attacks worldwide in 2023 remained relatively low, but it was still twice the previous year’s total, according to the latest iteration of the International Shark Attack File — a database of global shark attacks run by the University of Florida. 

The report noted that a “disproportionate” amount of people died from shark bites in Australia last year compared with other countries around the world.

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Jets of liquid bounce off hot surfaces without ever touching them

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New Scientist. Science news and long reads from expert journalists, covering developments in science, technology, health and the environment on the website and the magazine.


New Scientist. Science news and long reads from expert journalists, covering developments in science, technology, health and the environment on the website and the magazine.

If you cook with stainless steel pans, you’re probably familiar with the Leidenfrost effect

Franck Celestini

A jet of liquid can bounce off of a hot plate without ever touching it. This extension of the Leidenfrost effect – the phenomenon that allows beads of water to skitter across a scorching pan – could help improve cooling processes, from nuclear reactors to firefighting.

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Though first described nearly 300 years ago, the Leidenfrost effect has only been tested with fluid droplets, not squirts of liquid. Until now.

Frack Celestini at Côte d’Azur…



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Exxon CEO says Trump should keep U.S. involved in global effort to address climate change

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Exxon CEO says Trump should keep U.S. involved in global effort to address climate change


Darren Woods, chairman and chief executive officer of Exxon Mobil Corp., speaks during the 2022 CERAWeek by S&P Global conference in Houston, Texas, on Monday, March 7, 2022.

F. Carter Smith | Bloomberg | Getty Images

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President-elect Donald Trump should keep the U.S. involved in global efforts to address climate change, Exxon Mobil CEO Darren Woods said Tuesday.

Trump should try to bring a “common sense” approach to the annual U.N. Climate Change Conference and “continue to have the U.S. influence policy around the world,” Woods told CNBC’s “Squawk Box” Tuesday. Woods spoke from the climate conference, which kicked off this week in Baku, Azerbaijan.

Trump withdrew the U.S. from the Paris climate agreement in 2017 and is expected to do so again in his second term. President Joe Biden signed an order to rejoin the agreement on his first day in office in 2021, a decision that Exxon supported.

Trump slammed the Paris agreement as “horribly unfair to the U.S.” and vowed to rescind all unspent funds under the Inflation Reduction Act in an address to the Economic Club of New York in September. He made energy policy a central part of his campaign platform, calling for unconstrained fossil fuel production.

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Exxon has plans to invest $20 billion through 2027 in carbon capture and storage technology, hydrogen fuel, and lithium mining in the U.S. for electric vehicle batteries.

Woods told CNBC on Tuesday that Exxon’s investments in technologies to lower emissions depend on federal tax credits that were established or expanded under the IRA. He warned that the company’s investments in these technologies would change if the incentives are weakened or repealed.

“There needs to be an incentive to reward those investments and generate a return,” Woods said. “If we find that those incentives dissipate or go away entirely, then that would definitely change our investment plans.”

Wood previously said Exxon’s oil and gas production levels will not change, at least in the short term, in response to the outcome of the U.S. presidential election.

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“I’m not sure how ‘drill, baby, drill’ translates into policy,” Woods told CNBC’s “Squawk Box” on Nov. 1, referencing one of Trump’s campaign slogans.

The CEO said Exxon has not faced constraints on its shale production under the Biden administration. Exxon’s production levels are based on how much money the company can return to shareholders, not which political party is on office, he said.

Exxon shares have risen more than 20% since the start of the year,

Don’t miss these energy insights from CNBC PRO:



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EPA to hit oil and gas companies with “methane fee” for drilling waste — but will it last?

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EPA to hit oil and gas companies with "methane fee" for drilling waste — but will it last?


Washington — Oil and natural gas companies for the first time will have to pay a federal fee if they emit dangerous methane above certain levels under a rule being made final by the Biden administration.

The Environmental Protection Agency rule follows through on a directive from Congress included in the 2022 climate law. The new fee is intended to encourage industry to adopt best practices that reduce emissions of methane – the primary component of natural gas – and thereby avoid paying.

Methane is a climate “super pollutant” that is far more potent in the short term than carbon dioxide and is responsible for about one-third of greenhouse gas emissions. The oil and natural gas sector is the largest industrial source of methane emissions in the United States, and advocates say reduction of methane emissions is a crucial way to slow climate change.

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The rule, set to be announced Tuesday at an international climate conference in Azerbaijan, comes hours after President-elect Donald Trump named former New York congressman Lee Zeldin to head the agency in Trump’s second term. If confirmed by the Senate, Zeldin is expected to move to reverse or loosen dozens of environmental regulations approved under President Biden as Trump seeks to establish U.S. “energy dominance″ worldwide.

Trump is likely to target the methane fee amid a flurry of expected actions he has promised to deregulate the oil and gas industry.

As outlined by the EPA, excess methane produced in 2024 could result in a fee of $900 per ton, with fees rising to $1,200 per ton in 2025 and $1,500 per ton by 2026. Industry groups are likely to challenge the rule, including any effort to impose a retroactive fee.

The rule wouldn’t become final until early next year, following publication in the Federal Register.

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EPA Administrator Michael Regan said in a statement that the rule will work in tandem with a new EPA rule on methane emissions imposed this year. The rule targets the U.S. oil and natural gas industry for its role in global warming as Mr. Biden seeks to secure his legacy on fighting climate change.

The fee, formally known as the Waste Emissions Charge, will encourage early deployment of available technologies to reduce methane emissions and other harmful air pollutants, Regan said. The fee “is the latest in a series of actions under President Biden’s methane strategy to improve efficiency in the oil and gas sector, support American jobs, protect clean air and reinforce U.S. leadership on the global stage,” he said.

Industry groups and Republican-led states have challenged the earlier methane rule in court, but lost a bid for the Supreme Court to block the rule while the case continues before lower-level judges.

Opponents argue that the EPA overstepped its authority and set unattainable standards with the new regulations. The EPA, though, said the rules are squarely within its legal responsibilities and would protect the public.

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Many large oil and gas companies already meet or exceed methane-performance levels set by Congress under the climate law, meaning they are unlikely to be forced to pay the new fee, Regan and other officials said.

Even so, the EPA estimates that the rule will result in cumulative emissions reductions of 1.2 million metric tons of methane (the equivalent of 34 million metric tons of carbon-dioxide) through 2035. That figure is similar to clean-air gains from taking nearly 8 million gas-powered cars off the road for a year, the EPA said. Cumulative climate benefits could total as much $2 billion, the agency said.

Like the earlier methane rule, the new fee faces a near-certain legal challenge from industry groups. The American Petroleum Institute, the oil and gas industry’s largest lobbying group, called a fee proposed earlier this year a “punitive tax increase” that “undermines America’s energy advantage.”

The API said it looks forward to working with Congress to repeal the “misguided new tax on American energy.”

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Environmental groups, for their part, have hailed the impending methane fee, saying oil and gas companies should be held accountable for pollution that contributes to global warming. Oil and gas companies routinely calculate that it’s cheaper to waste methane through flaring and other techniques than to make necessary upgrades to prevent leaks, they said.

The EPA said it expects that over time, fewer oil and gas companies will be charged for excess methane as they reduce emissions in compliance with the rule.



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Site of ancient, key battle in Iraq found by archeologists using spy satellite images

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Site of ancient, key battle in Iraq found by archeologists using spy satellite images


Beirut — Declassified 1970s-era U.S. spy satellite imagery has led a British-Iraqi archeological team to what they believe is the site of a seventh-century battle that became decisive in the spread of Islam throughout the region.

The Battle of al-Qadisiyah was fought in Mesopotamia — in present-day Iraq — in the A.D. 630s between Arab Muslims and the army of the Sassanid Persian dynasty during a period of Muslim expansion. The Arab army prevailed and continued on its march into Persia, now Iran.

A joint team of archeologists from the U.K.’s Durham University and the University of Al-Qadisiyah stumbled across the site while undertaking a remote sensing survey to map the Darb Zubaydah, a pilgrimage route from Iraq’s Kufa to Mecca in Saudi Arabia built more than 1,000 years ago. The findings were published Tuesday in the journal Antiquity.

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Iraq-Ancient Battle Site
A desert area with scattered plots of agricultural land with features that closely matched the description of the al-Qadisiyah battle site described in historic texts, in the Abu Sakhir district in southern Najaf, Iraq, on Nov.10, 2024.

Hadi Mizban / AP


While mapping the route, the team noticed that a site some 20 miles south of Kufa in Iraq’s southern Najaf province — a desert area with scattered plots of agricultural land — had features that closely matched the description of the al-Qadisiyah battle site described in historic texts.

William Deadman, a specialist in archaeological remote sensing at Durham University, said the Cold War era satellite images are commonly used tools by archeologists working in the Middle East because the older images often show features that have been destroyed or altered and wouldn’t show up on present-day satellite images.

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Iraq-Ancient Battle Site
Dr Jaafar al Jotheri, an archeology professor at the University of Al-Qadisiyah, holds satellite images on Nov.10, 2024 and explores the site of the Battle of al-Qadisiyah, which was fought in Mesopotamia – present-day Iraq – in the 630s AD between Arab Muslims and the army of the Sassanid Persian dynasty during a period of Muslim expansion. It was in what is today the Abu Sakhir district in southern Najaf, Iraq.

Hadi Mizban / AP


“The Middle East has developed so much in the last 50 years, both agricultural expansion and urban expansion,” he said. Some of the distinguishing features at the al-Qadisiyah site, such as a distinctive trench, were “much more pristine and clear” in the 1970s images, he said.

A survey on the ground confirmed the findings and convinced the team that they had correctly identified the site.

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The key features were a deep trench, two fortresses and an ancient river that was reportedly once forded by elephant-mounted Persian troops, said Jaafar Jotheri, a professor of archeology at the University of Al-Qadisiyah who’s part of the team that made the discovery. The survey team also found pottery shards consistent with the time period when the battle took place.

A revealing, well-known battle

Jotheri said Iraqis of his generation, who grew up under the rule of Saddam Hussein, were all familiar with the battle in minute detail, down to the names of the generals on both sides.

The battle at the time had political connotations — Iraq was engaged in a devastating war with Iran through much of the 1980s. Saddam pointed to the Battle of Qadisiyah as a harbinger of victory for Iraq.

Like most children growing up in that era, Jotheri said he’d watched a popular movie about the battle multiple times as it was on regular rotation on television.

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In the post-Saddam era, al-Qadisiyah has become something of a political litmus test. Iraqis’ views of the battle vary depending on their feelings toward Iran, which has expanded its influence in the country since the 2003 US-led invasion of Iraq that toppled Saddam.

“There is some political and religious context in this battle because now, of course, we have religious differences, ethnic differences, political differences in Iraq and we read or we view everything based on our … differences,” Jotheri said. But he added, “We all agree that it is a very important battle, a decisive one, and we all know about it.”

Discovery was part of a regional trend

The team plans to begin excavations at the site in the coming year, Jotheri said.

The discovery comes as part of a broader project launched in 2015 to document endangered archaeological sites in the region.

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It also comes at the time of a resurgence of archeology in Iraq, a country often referred to as the “cradle of civilization,” but where archeological exploration has been stunted by decades of conflict that halted excavations and led to the looting of tens of thousands of artifacts.

In recent years, the digs have returned and thousands of stolen artifacts have been repatriated.



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Shell wins appeal against Dutch climate ruling to slash emissions

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Shell wins appeal against Dutch climate ruling to slash emissions


Oil storage silos beyond waterlogged land at the Shell Plc Pernis refinery in Rotterdam, Netherlands, on Sunday, Feb. 11, 2024.

Bloomberg | Bloomberg | Getty Images

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A Dutch court on Tuesday ruled to dismiss a landmark climate ruling against Shell, after the oil giant was ordered to drastically reduce its global carbon emissions back in 2021.

The outcome, which comes during the opening days of the COP29 climate summit in Azerbaijan, marks the latest twist in a precedent-setting case that could have far-reaching implications for the future of climate litigation.

The appeals court in The Hague said that while Shell is required to reduce its carbon emissions, it could not determine the extent of these cuts. The case against Shell, therefore, was dismissed entirely.

In May 2021, The Hague district court ruled that Shell must reduce its greenhouse gas emissions by 45% from 2019 levels by 2030.

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The verdict, which came when Shell had its headquarters in The Hague, also said the company was responsible for all emissions across its value chain, including those from the products they sell — known as Scope 3 emissions.

It was the first time in history that a company was found to have been legally obliged to align its policies with the Paris Agreement, a framework which seeks to avoid the worst of what the climate crisis has in store by limiting the average global temperature increase to between 1.5 and 2 degrees Celsius.

The ruling was regarded as a watershed moment in the climate battle and sparked a wave of lawsuits against other fossil fuel companies.

Shell appealed the 2021 decision and subsequently moved its headquarters to the U.K., a relocation that was criticized for being partly motivated by the courtroom defeat. The Hague district court ruling is only legally binding in the Netherlands.

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In appeal hearings held earlier this year, the British oil major argued that the case had no legal basis.

Shell’s lawyers said demands for companies to curb greenhouse gas emissions could not be made by courts, but only by governments, Reuters reported. The company also said the court ruling would force it to shrink its business without any benefit to the fight against climate change.

The case was brought against Shell in 2019 by Milieudefensie, an environmental campaign group and the Dutch branch of Friends of the Earth, alongside six other bodies and more than 17,000 Dutch citizens.

The burning of coal, oil and gas is by far the largest contributor to the climate crisis, accounting for more than three-quarters of global greenhouse gas emissions.

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