PayPal reveals $2 billion stake held by Elliott, announces new CFO

Pincon Spirit

02/08/2022 21:16

Aug 2 (Reuters) - PayPal Holdings  PYPL.O  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  EA.O . 
    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  PINS.N .  urn:newsml:reuters.com:*:nL4N2ZD3W9
    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)
 ((Mehnaz.Yasmin@thomsonreuters.com;))