Payments company Square drops 10 percent amidst a broader tech sell-off

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Jack Dorsey, CEO of Square

Shares of payments company Square dropped 10 percent Monday as major tech stocks struggled to find footing.

The company also said in a securities filing Jack Dorsey had sold roughly 130,000 shares, worth about $7.4 million at the time, in a pre-scheduled sale last week.

Bitcoin was also lower Monday and fell below $5,000 for the first time since last October. Square offers bitcoin trading through its popular Square Cash app and said it generated $43 million in revenue from the cryptocurrency in the third quarter.

Square is well-known in the payments sector for its credit card processor, payment hardware and popular Cash app but has also moved into small business lending through Square Capital.

Apple, Amazon and Facebook also weighed on markets Monday with the S&P technology sector pulling back 3.9 percent. The Dow Jones Industrial Average fell more than 500 points, while the S&P 500 dropped 2 percent.

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