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PayPal CEO Enrique Lores\u2019 turnaround plan for the fintech company could include a sale \u2014 of itself. <\/p>\n
The prospect first popped in July when Stripe and private equity giant Advent offered to buy<\/a> PayPal for $60.50 a share in a deal that would have valued it at $53 billion, the Wall Street Journal reported at the time. <\/p>\n PayPal balked. But apparently, negotiations never stopped and a deal could come together in the coming weeks, according to new reporting <\/a>by the WSJ, which cited unnamed sources. <\/p>\n PayPal declined to comment on the report. A Stripe spokesperson said the company doesn\u2019t \u201ccomment on rumors or speculation.\u201d<\/p>\n The negotiations are taking place as Lores attempts to save the company from its lagging trajectory<\/a>. <\/p>\n Lores joined PayPal in March, after spending years at HP. In April, Lores made the first moves in his turnaround plan<\/a>, including an executive shuffle and splitting the business into three operating models: checkout solutions and PayPal, consumer financial services (and Venmo), and payment services and crypto. A month later, Lores told investors<\/a> that PayPal would recommit to the fundamentals,\u201d which included \u201cbecoming a technology company again.\u201d <\/p>\n PayPal\u2019s turnaround will also include a cost-saving plans, which is expected to reduce its workforce by 20% <\/a>over the next two to three years.<\/p>\n PayPal was founded in 1998 by a number of men who went on to be Silicon Valley luminaries, including Peter Thiel, Elon Musk, Max Levchin, Luke Nosek, and others. The company has struggled<\/a> in recent years, after ballooning during the pandemic due to an e-commerce boom<\/a>. <\/p>\n<\/div>\n