The thing everyone has been “a bit bemused” by is why Square CEO Jack Dorsey is prepared to pay US$30 billion for Afterpay, according to Sky News Business Editor Ross Greenwood.
It comes as the $39 billion takeover of Afterpay will be decided by shareholders as competition watchdog, the ACCC, said it will not stand in the way.
“He’s saying that Afterpay may be very well the superpower the Square is looking for,” Mr Greenwood told Sky News host Chris Kenny.
“But the second thing interestingly enough is that Square made most of its money in the third quarter, or didn’t, out of trading bitcoin.
“So, the bizarre part about this is that the share price of Afterpay today fell because Square fell because they weren’t making as much money out of cryptocurrency as they’d been previously.”