I also sold
$SQ. Between Jack taking Block into manufacturing Bitcoin mining chips and hardware and the recent revelation from the Delaware court that TIDAL was an awful acquisition (we all figured it was awful at the time but it's clear now Jack spent $306M of shareholder money to become friends with Jay-Z), I'm out. I'm going to keep an eye on the company though. If Jack moves on or if his voting power drops far enough (currently at 41%) that activist investors take an interest, I'll buy back in (assuming I still like the financials), but for now, I'm out.
My returns are on par with the market because I sold 1/3 of my shares (originally purchased at ~$40) at $133.51 in Jan 2022. If I hadn't done that, I'd have been trailing my benchmarks significantly.
Time Held: 5.45 years
My Total / Annualized Return: 74.98% / 15.02%
$SPY Total / Annualized Return: 56.29% / 11.63%
$QQQ Total / Annualized Return: 99.18% / 17.93%