PayPal Stock Rises 7% on Reports Stripe Considering Acquisition
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Summary
PayPal's stock surged nearly 7% following a Bloomberg report that fintech startup Stripe is considering acquiring all or parts of PayPal's business. The discussions are in early stages, and both companies declined to comment. This news comes amid PayPal's recent stock slump, with the company losing nearly a third of its value last year due to slowing growth and increased competition in the payments industry.
Key quotes
· 5 pulledPayPal's stock surged nearly 7% on Tuesday following a report that fintech startup Stripe is weighing buying the payments platform.
Bloomberg reported the news, citing people familiar with the matter, and said the discussions are in early stages.
The report said Stripe is considering buying all or some segments of PayPal's business.
The news comes a day after reports that buyer interest has picked up in the company following its recent stock slump.
PayPal, which is grappling with slowing growth in an increasingly competitive financial payment landscape.
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