What Will Square Do With Its Caviar Money?
Along with its second-quarter results, Square (NYSE: SQ) announced the sale of its food delivery app, Caviar, to DoorDash for $410 million in cash and preferred stock. Square originally acquired Caviar for $90 million in 2014, but it's unclear how much it may have sunk into it while operating the service.
At the very least, however, selling Caviar provides Square with a good chunk of capital to reinvest and grow its business. In its letter to shareholders, management said, "This transaction allows us to increase our focus on and investment in our two large, growing ecosystems -- one for businesses and one for individuals."
Here are some areas investors can expect Square to explore with its new capital infusion.
Source Fool.com
