Elliott Investment Management has $2 billion stake in Paypal

4 Aug 2022 , 03:22 PM

Elliott Investment Management has $2 billion stake in Paypal.

The organization also revealed several initiatives, including the appointment of Blake Jorgensen as Paypal’s new Chief Financial Officer (CFO) and a new $15 billion share repurchase program. Blake Jorgensen, who joins the position on Wednesday, comes from Electronic Arts and joins PayPal.

A year later, shares of PayPal, one of the businesses that had profited greatly from the pandemic, lost more than 70% of their market value as e-commerce growth fell short of pandemic-era highs. PayPal said ‘it forecasts yearly revenue to rise at 11% on an FXN-basis, its lower end of the earlier range of between 11% and 13%. Additionally, the company also intends to decrease its workforce to save expenses.