CNBC
PayPal shares rose as much as 13% in extended trading on Tuesday after the financial services firm issued stronger-than-expected second-quarter results. During its earnings presentation, PayPal said it had entered into an information-sharing agreement on value creation with Elliott Management.
“As one of PayPal’s largest investors, with an approximately $2 billion investment, Elliott strongly believes in the value proposition at PayPal,” Elliott managing partner Jesse Cohn was quoted as saying in the presentation. “PayPal has an unmatched and industry-leading footprint across its payments businesses and a right to win over the near and long term.”
The news comes a day after Elliott said it had become the top investor in social network operator Pinterest.