elliot: PayPal reveals $2 billion stake held by Elliott and announces new CFO

PayPal Holdings said on Tuesday that Elliott Investment Management has an investment of more than $2 billion in the company, making the activist investor one of the top shareholders in the fintech company.

The company also announced a series of moves, including the appointment of Blake Jorgensen as Paypal’s chief financial officer and a new $15 billion buyout program. Blake, who will take over the role on Wednesday, joins PayPal from Electronic Arts.

PayPal has “an unrivaled, industry-leading footprint in its payments business,” said Jesse Cohn, managing partner at Elliota day after the investment firm disclosed a similar stake in Pinterest Inc.

The company posted adjusted earnings of 93 cents for the three months ended June 30, compared with $1.15 per share a year earlier.

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