PayPal’s Outgoing CEO Dan Schulman Buys Up Stock

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PayPal Holdings stock has lost all of its gains from the pandemic era, when homebound shoppers used its services to buy online. The financial-services company’s outgoing president and CEO Dan Schulman just bought $2 million worth of its stock.

PayPal stock (ticker: PYPL) soared to as high as $310.16 in late July 2021. Shares now trade in the $70 range—even lower than the intraday lows of 2019, which were in the $80s. PayPal had foreseen the drop in demand as the Covid-19 pandemic subsided, but none of its actions could help the stock hold the line. A push into cryptocurrencies last year was ill-timed, as Bitcoin and other cyptos slumped. PayPal bought buy-now-pay-later firm Paidy for $2.7 billion in late 2021, but in general that type of business has a cloudy outlook in the face of rising interest rates. Meanwhile, continuing supply-chain disruptions, exacerbated by Russia’s invasion of Ukraine, is another factor hurting e-commerce sales.