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Afterpay has had a bad week despite the hype around Black Friday sales and a surge in retail activity after lockdowns ended.
The buy now, pay later app - which turned founder Nick Molnar and Anthony Eisen into young billionaires - is losing the support of investors as the big banks launch their own copycat tech alternatives to credit cards.
Its share price this week has plunged by 3.7 per cent, a level more than triple the 1 per cent drop in the ASX200 index during the past five trading days.
While the $110.72 share price of Friday afternoon was well above the $8.80 low of March 2020, at the start of the pandemic, it is substantially below the $158 peak reached in February 2021.
Afterpay has had a bad week despite the hype around Black Friday sales and a surge in retail activity after lockdowns ended. The buy now, pay later app - which turned founder Nick Molnar and Anthony Eisen into young billionaires - is losing the support of investors as the big banks launch their own copycat tech alternatives to credit cards
The app allows consumers to pay off their goods in four, equal installments without incurring interest charges, and is popular with young consumers who don't trust credit cards.
Like Bitcoin, it has had a meteoric rise marked by periods of volatility and sharp falls.
Afterpay's share price fell to $84.50 in May and after several months of zig-zagging, on August 3 it surged from $96.66 to $127.85 in one day -
