According to Foresight News and The Block, Twitter co-founder Jack Dorsey's payment platform Block (stock code: XYZ) will be added to the S&P 500 Index on July 23. Block will replace Hess Corporation, which is set to be acquired by Chevron and exit the index. After the news was confirmed late on Friday, the stock rose 10% in after-hours trading.
Block was originally founded in 2009, formerly known as Square, and initially focused on providing financial services and mobile payment solutions.