PayPal Holdings PYPL-Q said on Tuesday Elliott Investment Management has an over $2 billion investment in the company, making the activist investor one of the largest shareholders in the fintech firm.
The company also announced a slew of moves including appointing Blake Jorgensen as Paypal’s new chief financial officer and a new $15 billion repurchase program. Blake, who takes over the role on Wednesday, joins PayPal from Electronic Arts.
PayPal has “an unmatched and industry-leading footprint across its payments businesses,” said Jesse Cohn, a managing partner at Elliot, a day after the investment firm disclosed a similar stake in Pinterest Inc.
The company earned an adjusted profit of 93 cents for the three months ended June 30, compared with $1.15 per share a year earlier.
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