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PayPal Jumps as Elliott Management Says it Has a $2B Holding in the Financial Services Company

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.”

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