PayPal Holdings on Tuesday said activist investor Elliott Management has an over $2 billion stake in the fintech company and the firm raised its annual profit guidance.
PayPal shares shot up nearly 12 percent after it also announced a slew of moves including appointing Blake Jorgensen as new chief financial officer and a $15 billion repurchase program.
The fintech company has “an unmatched and industry-leading footprint across its payments businesses,” said Jesse Cohn, a managing partner at Elliott, a day after the investment firm disclosed a similar stake in Pinterest Inc.
PayPal, which was among companies that won big during the pandemic, saw shares wipe out over 70 percent of their market value in a year as e-commerce growth retreated from pandemic-era records….