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Square to acquire "buy now, pay later" company Afterpay for $29 billion

Square has agreed to acquire Afterpay, an Australian company in the "buy now, pay later" (BNPL) category, for $29 billion.

Why it matters: This is Square's second big-ticket acquisition this year (after Tidal), showing that it's not shy when it comes to bold moves to expand its business lines.


Details: Square is paying a premium of about 30% over Afterpay's closing price on Friday, though still below the company’s all-time high of A$160 per share. Also: Multiple sources tell Axios' Dan Primack that Square didn't reach out to Affirm, another buzzy BNPL company.

The bottom line: "'There's a lot of growth occurring in this shift away from credit to debit, and it's due to the fact that we've flipped the model on its head,'" Afterpay co-founder Nick Molnar told the NY Times. "The banks’ credit model 'doesn't work,' he said. 'The incentive is the opposite of how we built our product, which is to charge the retailer a small fee instead of making our money from the consumer.'"—Lauren Hirsch, NYT

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Why Microsoft CEO Satya Nadella isn't moving fast and breaking things

Critics argue that the impact of technology has grown so large that society can't afford for companies to release products just because they can, without fully anticipating issues like privacy and security. Microsoft CEO Satya Nadella couldn't agree more.

What they're saying: "Tech is becoming so pervasive in our lives, in our society and our economy, that when it breaks, it’s not just about any one tech breaking or one company breaking," Nadella said in an exclusive interview with Axios. "It impacts us all."

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China vs. capitalism: Didi learns its lesson the hard way

China's leadership is deeply suspicious of the international financial system, and wants to ensure that the Chinese Communist Party remains the absolute power in the land, unthreatened by fast-growing corporate giants.

What's new: That lesson was learned the hard way this week by Didi, but the repercussions are likely to be much larger. Already, Chinese fitness app Keep has decided to scrap its planned $500 million IPO in New York.

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The rise of the anti-"woke" Democrat

A growing number of Democrats are ringing the alarm that their party sounds — and acts — too judgmental, too sensitive, too "woke" to large swaths of America. 

Why it matters: These Democrats warn that by jamming politically correct terms or new norms down the throats of voters, they risk exacerbating the cultural wars — and inadvertently helping Trumpian candidates. 

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Top Biden adviser Anita Dunn departs White House today

Anita Dunn, one of President Biden's closest advisers during the campaign and as he built his administration, will depart the White House after today but remain a top confidant.

Why it matters: Dunn is one of the small handful of aides in the Oval Office who preps Biden before any major appearance. She helped place women in senior roles throughout the West Wing.

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