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PayPal Weighs Sale Amid Turnaround Plan

15 Aug

Summary

PayPal may be up for sale as part of CEO's plan.
Stripe and Advent previously offered $53 billion.
Company plans 20% workforce reduction over years.

PayPal CEO Enrique Lores is exploring the possibility of selling the fintech company as part of his strategy to revitalize its performance. The prospect of a sale emerged when Stripe and private equity firm Advent reportedly offered $60.50 per share, valuing PayPal at $53 billion in July. Although PayPal initially declined this offer, ongoing discussions suggest a deal could materialize in the coming weeks.

Lores, who joined PayPal in March, has been implementing a turnaround plan that includes restructuring the business into three operating models. This initiative also entails substantial cost-saving measures, with an anticipated workforce reduction of 20% over the next two to three years to refocus on fundamental business principles.

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