Visa reveals major Square stake

Visa reveals major Square stake

Shares in Jack Dorsey's Square received a much needed boost on Friday on news that Visa has a 9.99% stake of Class A shares in the payments firm.

In an SEC filing, Visa revealed that it holds about 4.19 million of Square’s Class B shares. These don't trade publically but can be converted to about 3.52 million Class A shares - a 9.99% stake in the publicly-traded share class.

The news sent shares in Square up nearly 10% to $9.84 during the day before settling down during the afternoon to just above $9 - the company's November IPO price. During its first day of trading, the stock jumped to over $13 dollars but has since fallen back sharply.

Visa invested in Square back when the mobile payments firm was a private company in 2011, although the size of the stake was unknown.

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