Jack Dorsey’s Square has announced they are planning to buy Australia’s Afterpay in a $39 billion deal
American financial services company Square is planning to buy Australia’s Afterpay in a $39 billion dollar deal in the first quarter of 2022
In the press release announcing the acquisition, Square said the moved will “Bring together two of the fastest growing global fintech companies to advance shared mission of economic empowerment and financial inclusion“.
“The transaction has an implied value of approximately US$29 billion (A$39 billion) based on the closing price of Square common stock on July 30, 2021, and is expected to be paid in all stock,” said Square.
Afterpay has recommended the transaction, with a current market value of $28 billion
Square says that the “acquisition aims to enable the companies to better deliver compelling financial products and services”.
“We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles,” said Jack Dorsey, Co-Founder and CEO of Square.
“Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands.”
“Square and Afterpay have a shared purpose.”Twitter and Square SEO Jack Dorsey
Square plans to integrate Afterpay into its existing Seller and Cash App business units
Square says the merge will “enable even the smallest of merchants to offer BNPL at checkout, give Afterpay consumers the ability to manage their installment payments directly in Cash App, and give Cash App customers the ability to discover merchants and BNPL offers directly within the app.”
“Buy now, pay later has been a powerful growth tool for sellers globally”Alyssa Henry, Lead of Square’s Seller business.
“We are thrilled to not only add this product to our Seller ecosystem, but to do it with a trusted and innovative team,” said Henry.
“The addition of Afterpay to Cash App will strengthen our growing networks of consumers around the world, while supporting consumers with flexible, responsible payment options,” said Brian Grassadonia, Lead of Square’s Cash App business.
About the two companies
Afterpay says it serves over 16 million consumers and nearly 100,000 merchants globally.
As of June 30, 2021, Afterpay serves more than 16 million consumers and nearly 100,000 merchants globally, including major retailers across key verticals such as fashion, homewares, beauty, sporting goods and more.
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Tesla insurance sued for ‘inflated’ premiums, judge rules
A judge has ruled that Tesla’s insurance unit must face a lawsuit alleging “inflated” premiums.
The decision comes after policyholders claimed the electric car company’s insurance division overcharged them for coverage.
The lawsuit, which was filed by a group of Tesla policyholders, alleges that the premiums charged by Tesla’s insurance unit were significantly higher than market rates for similar coverage.
The plaintiffs argue that Tesla’s insurance division engaged in unfair pricing practices, leading to overpayment by policyholders.
Tesla has not yet commented on the judge’s decision, but the lawsuit raises questions about the transparency and fairness of the company’s insurance pricing.
It also highlights the growing scrutiny on how tech companies enter and compete in traditional industries like insurance.
Elon Musk mocks Paris Hilton’s cookware ad
Tech mogul Elon Musk couldn’t resist poking fun at Paris Hilton’s recent cookware ad campaign after her company suspended a mysterious “X” deal.
In a tweet that quickly went viral, Musk quipped that the ad “wasn’t super convincing.”
The tweet came shortly after Paris Hilton’s company, Hilton Home Collection, announced the suspension of an undisclosed partnership, leaving fans and followers speculating about the nature of the collaboration. While the reasons for the suspension remain unknown, Musk’s tweet added a humorous twist to the situation.
Musk’s lighthearted remark sparked a flurry of reactions on social media, with some users joining in on the jest and others expressing curiosity about the nature of the suspended deal. Meanwhile, Paris Hilton herself has yet to respond to Musk’s comment, leaving many wondering if there’s more to the story than meets the eye.
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