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Why MoneyGram International Stock Sank Today

DATE POSTED:June 19, 2019

Shares of MoneyGram International (NASDAQ: MGI) plunged nearly 25% on Wednesday. The decline came one day after the money transfer company surged 168% on news of a deal with cryptocurrency giant Ripple. 

On Tuesday, MoneyGram stock soared following news that it had entered into a strategic partnership with Ripple. The blockchain company is investing $30 million in MoneyGram in exchange for an equity stake. Ripple also has the option to invest another $20 million to boost its stake in the future.  

Notably, Ripple is buying the stock at $4.10 per share. It closed at only $1.45 on Monday, before news of the deal broke. 

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