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Motley Fool
Why Block Stock Dropped 5% Today
Shares of fintech giant Block (NYSE: SQ), formerly Square, tumbled in Wednesday morning trading after The Wall Street Journal warned that business is getting tough in the buy now, pay later (BNPL) space. As of 11:40 a.m. ET, Block stock is down 5%. The company was an early entrant into the BNPL space, bidding $29 billion in August 2021 to acquire Australian BNPL leader Afterpay and its 16 million installment-paying customers.
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