Crypto: PayPal’s Ambitions Could Be Crushed By A Powerful Player

Published by
The Street

By Ellen Chang Elliott Management’s reported stake in PayPal could mean eliminating its cryptocurrency offering. PayPal’s crypto offering could be facing its last days if activist hedge fund Elliott Management has its say. The hedge fund recently took a stake in the beleaguered payments behemoth, according to the Wall Street Journal. The amount of the stake and what Elliott paid was not disclosed. Elliott could encourage PayPal to eliminate its crypto offering that was launched in 2021. One reason that Elliott was drawn to the payments company is that it has $8 billion of cash and short-term i…

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