PayPal Shares Jump After It Reveals $2 Billion Stake Held by Elliott, Announces New CFO

PayPal Shares Jump After It Reveals $2 Billion Stake Held by Elliott, Announces New CFO
Paypal headquarters in San Jose, Calif., on April 9, 2018. Justin Sullivan/Getty Images
Reuters
Updated:

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.