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US payment giant to buy Afterpay in multi-billion dollar deal

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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

Australia’s Afterpay will be purchases in an eye watering 39 billion dollar deal

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. 

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Business

ChatGPT creator releases tool to detect A.I. generated text

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OpenAI has released a software tool that can identify if text has been generated by artificial intelligence

The company behind the popular chatbot ChatGPT says it has trained a language model to distinguish between something written by a human, and A.I.

‘AI Classifier’ uses a variety of providers to address issues such as automated misinformation campaigns and academic dishonesty.

The detection tool is very unreliable on texts under one thousand characters, and AI-written text can be edited to trick the classifier.

Many schools across the world have already banned ChatGPT from being used for projects.

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Business

Elon Musk asks court to throw case out

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Twitter CEO Elon Musk has asked a judge in the U.S. to throw out a case against him

 
The suit claims Musk’s delayed disclosure over his large stake in the social media giant defrauded shareholders, who sold out at artificially lower prices.

Musk says investors in the proposed class action have no independent right to obtain damages.

The CEO believes he properly disclosed his stakes in Tesla and the former SolarCity Corp on several occasions, as per requirements.

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Business

Eurostar trains empty with Brexit leading to border delays

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Eurostar boss says peak trains are empty because of post-Brexit passport delays

You can perhaps understand why British residents are becoming increasingly frustrated by Brexit.

During peak hour in London, Eurostar trains are running across the Channel with hundreds of empty places.

Around 350 of 900 seats are normally left unsold on the first services between London, Paris and Brussels despite “huge demand”.

It’s all because border police can’t process passports quickly enough.

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