Shares of Square, Inc. (NYSE: SQ) tumbled today after the company announced that it would purchase a majority ownership stake in the music-streaming company, TIDAL. Jay-Z, who bought TIDAL just six years ago, will join Square's board of directors.
The tech stock was down by 9.2% as of 2:15 p.m. EST.
Square said in a press release that it will pay a mix of cash and stock worth $297 million for TIDAL. The purchase will give Square a "significant majority ownership stake" in the music-streaming service, with artist shareholders making up the rest of the stakeholders.
Source Fool.com