PayPal Holdings Inc (PYPL)

[eastunder]

PayPal reveals $2 billion stake held by Elliott, announces new CFO
4:16 PM ET, 08/02/2022 - Reuters
Aug 2 (Reuters) - PayPal Holdings said on Tuesday Elliott Investment Management has an over $2 billion investment in the company, making the activist investor one of the largest shareholders in the fintech firm.

The company also announced a slew of moves including appointing Blake Jorgensen as Paypal's new chief financial officer and a new $15 billion repurchase program. Blake, who takes over the role on Wednesday, joins PayPal from Electronic Arts.

PayPal has "an unmatched and industry-leading footprint across its payments businesses," said Jesse Cohn, a managing partner at Elliot, a day after the investment firm disclosed a similar stake in Pinterest Inc.

The company earned an adjusted profit of 93 cents for the three months ended June 30, compared with $1.15 per share a year earlier. (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra Eluri)