Elliott Investment Management L.P. dumped its stake in PayPal Holdings Inc. during the second quarter, a recent filing indicates.
The firm, which was founded by Paul Singer, didn’t list a position in PayPal
PYPL,
on its latest 13-F, which was filed late Monday. That filing covered holdings as of the end of the end of the second quarter. Elliott had owned 1 million PayPal shares as of the end of the first quarter, with that position having been worth about $76 million at the time.
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Wall Street began rumbling about an Elliott stake in PayPal in July 2022, and the parties confirmed it shortly after when PayPal posted its next earnings. “PayPal has an unmatched and industry-leading footprint across its payments businesses and a right to win over the near and long term,” Elliott Managing Partner Jesse Cohn said in a statement included in PayPal’s August 2022 release.
Schulman added on PayPal’s earnings call at the time that the parties were “completely aligned in our mutual goal to maximize shareholder value and we are substantially aligned on the areas of focus for achieving our objectives.”
Elliott didn’t immediately respond to a MarketWatch request for comment on why it exited the PayPal position.
PayPal continues to undergo a transformation, having engaged in cost-cutting moves last year and now ushering in a leadership shift. Schulman announced plans to step down back in February, and the company said Monday that Alex Chriss, a longtime Intuit Inc.
INTU,
veteran, would be taking over come late September.
Shares of PayPal were off 4% in Tuesday afternoon trading, after rising almost 3% in Monday’s session, which brought the CEO announcement. The stock is down some 40% over the past year.
See more: Who is Alex Chriss? 5 things to know about the next CEO of PayPal.
Meanwhile, Elliott appears to see other ways to play the financial-services space. The firm revealed a fresh position in Fidelity National Information Services Inc.
FIS,
amounting to about 1.1 million shares, worth nearly $60 million as of the end of the second quarter.
This story originally appeared on Marketwatch
