A boom in online shopping during the pandemic sealed its lofty valuation
The Afterpay app is seen on the screen of a mobile phone in a picture illustration taken August 2 2021. Picture: REUTERS/LOREN ELLIOTT
Afterpay’s rapid rise, which has culminated in Australia’s biggest-ever deal and powered its stock market to record highs, began when an eBay vendor noticed young people avoiding credit cards after the 2008 financial crisis. He and Eisen, a 49-year-old former fund manager who specialised in tech firms, will each pocket A$2.46bn from the Dorsey-led deal and stay on at the company.
Afterpay would take a cut of 4%-6% of the shelf price from the merchant, who would use its services to drive business. However, the ride to riches for Molnar and Eisen has not always been smooth as Afterpay came under regulatory scrutiny both in Australia and the US. Afterpay bagged a Tencent investment in May 2020, sparking a protracted run-up as investors aligned their portfolios with the Chinese online giant.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Square to Buy Afterpay for $29 Billion to Tap Younger UsersSquare Inc., the digital-payments platform led by Twitter Inc. founder Jack Dorsey, agreed to buy Australian buy-now, pay-later company Afterpay Ltd. for $29 billion in its largest-ever acquisition.
Read more »
Heineken doubles profit but warns of rising commodity costsDutch brewing giant expects Covid-19 to continue to weigh on key markets, and says rising costs of barley and aluminium for cans may affect pricing
Read more »
Oil falls as traders fret about Chinese economyGrowth in factory activity plunged, survey shows, as a rise in Opec output compounds concerns
Read more »
Dogs in the city: on the scent of Zimbabwe’s urban historyHarare’s canines help tell the city’s complicated story
Read more »
Red Bull change Max Verstappen's motor for Hungarian GPThe ripples from Max33Verstappen's crash in the previous race continued as Honda tweeted they had replaced the engine on his car. IOLsport HungarianGP
Read more »
India likely to face third Covid-19 wave that could peak in OctoberThe country may experience a worsening of its outbreak as soon as this month, researchers say
Read more »