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Afterpayâs future in the hands of a part-time CEO
Afterpay investors have always been true believers. Now they need to buy into Squareâs big vision and Jack Dorsey, its founder, visionary and part-time CEO.
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Afterpay has long been one of the most divisive stocks on the Australian sharemarket, and that wonât change with the $39 billion takeover by Square.
The nature of the all-scrip deal, which will see local Afterpay investors tipped into Squareâs ASX-listed instruments, means the buy now, pay later giantâs true believers need to take another leap of faith. Or two leaps, to be precise.
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The early backers of Afterpay say Square’s blockbuster $39 billion offer makes strategic sense for both companies but warn integration risk will be a key factor to watch as the two payments systems are brought together.
The local market reacted positively to a Square earnings call and briefing on the Afterpay acquisition on Monday night, sending Afterpay up another 12 per cent on the ASX on Tuesday on the back of strong gains by Square in New York.
Afterpay’s Nick Molnar at Thread Togeather’s factory opening. Banksmeadow in February.
The surge in Square’s share price came after the company’s founder and chief executive, Jack Dorsey, told US investors the merger of Square and Afterpay would drive more e-commerce activity across both services, and in spite of criticism of the deal by popular CNBC cable business news pundit Jim Cramer.
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