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Why activist hedge fund Elliott Management is targeting PayPal

Mizuho Securities analyst Dan Dolev said PayPal should focus more on its checkout button and spend less time on other projects such as cryptocurrencies

Payments giant PayPal finally has attracted an activist.

PayPal had been a pandemic darling as households increasingly shopped online but shares have slid more than 60% this year as people returned to their pre-pandemic spending habits. Earlier this year, the company cut its 2022 earnings forecast, which led to the company's worst one-day selloff in its history as a publicly traded company.

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