Activist investor Elliott adds up stake in PayPal

Activist investor Elliott Investment Management is raising its investment in PayPal Holdings Inc. in an effort to pressure the financial technology behemoth to make more drastic cost reductions.

Elliott might wind up ranking among the top five shareholders of PayPal.

PayPal announced earlier this year that it has started the process of carefully reducing its global workforce. In a challenging financial situation, it also stated that it will cut yearly employee costs by around $260 million.

source: bloomberg.com