Afterpay Limited stock has been dipping pretty bad for the past five days in the market. The stock was trading at $76.63 on July 26, then, on July 28 the stock has sunk to the price of $71.85. By the next day, the stock has jumped to costing $75.41. As of the last trading session, the stock is worth $70.84. The Afterpay has $20.788 billion of market capitalization.
Square is acquiring Afterpay in a cash and stock deal valued at $29 billion. The acquisition will help the company expand its customer base and drive revenue for merchants. Square is acquiring Afterpay’s technology to enable small merchants to offer buy now, pay later options.
Jack Dorsey, the co-founder of Square and Twitter, said that the company’s goal was to make the financial system more accessible and inclusive. Through Afterpay, consumers and merchants will be able to connect and transact seamlessly across various platforms. It’s already working seamlessly with more than 100,000 merchants globally. Square said that its acquisition of Pay Later is supported by the shift in consumer preference away from traditional credit. The company noted that the deal will allow its merchants to reach a wider variety of consumers.
Finance and Entertainment Reporter
Richard is a bottle of wine – the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.