Buy now, pay later stocks surged on Thursday after US rival and sector pioneer Affirm jumped 98 per cent in its first day of trading, earning Afterpay's founders a $194 million pay day.
Shares in Australian-born payments juggernaut Afterpay soared 9.7 per cent to $121, just shy of its December 29 record close of $122.09. It added $2.7 billion to its market capitalisation and took the personal wealth of each of its founders, Nick Molnar and Anthony Eisen, to $2.39 billion.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
Robert writes on companies and markets. He is a former New York and Shanghai correspondent, and has worked in Hong Kong. Email Robert at robertguy@afr.com.au
