October 6, 2022

The PayPal app logo is seen on a mobile phone in this illustrated photo, October 16, 2017. REUTERS/Thomas White/Illustration

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Aug 2 (Reuters) – PayPal Holdings ( PYPL.O ) said on Tuesday Elliott Investment Management has more than $2 billion invested in the company, making the activist investor one of the fintech firm’s largest shareholders.

Shares in Paypal posted gains after the bell, rising as much as 11.8%.

The company also announced a number of moves, including the appointment of Blake Jorgensen as Paypal’s new CFO and a new $15 billion buyback program. Blake, who takes up the role on Wednesday, joins PayPal from Electronic Arts ( EA.O ).

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PayPal has an “unmatched and industry-leading footprint in its payments business,” said Jesse Cohn, chief executive at Elliott, a day after the investment firm disclosed a similar stake in Pinterest Inc ( PINS.N ). read more

PayPal, which was among the companies that made big gains during the pandemic, saw shares wipe out more than 70% of their market value in a year as e-commerce growth slipped from pandemic-era records .

The company earned 93 cents for the quarter ended June 30, down from $1.15 a share a year earlier.

PayPal’s revenue rose 10% on a currency-neutral basis to $6.8 billion as payment volume jumped 13%.

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Reported by Mehnaz Yasmin in Bengaluru. Edited by: Krishna Chandra Eluri

Our Standards: The Thomson Reuters Trust Principles.

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