Visa reveals major Square stake
12 February 2016 | 8232 views | 0
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.