(Reuters) – PayPal Holdings mentioned on Tuesday Elliott Funding Administration has an over $2 billion funding within the firm, making the activist investor one of many largest shareholders within the fintech agency.

Paypal’s shares prolonged good points after the bell, rising as a lot as 11.8%.

The corporate additionally introduced a slew of strikes together with appointing Blake Jorgensen as Paypal’s new chief monetary officer and a brand new $15 billion repurchase program. Blake, who takes over the position on Wednesday, joins PayPal from Digital Arts.

PayPal has “an unmatched and industry-leading footprint throughout its funds companies,” mentioned Jesse Cohn, a managing associate at Elliot, a day after the funding agency disclosed an identical stake in Pinterest Inc.

PayPal, which was amongst corporations that gained huge in the course of the pandemic, noticed shares wipe out over 70% of their market worth in a 12 months as e-commerce progress retreated from pandemic-era information.

The corporate earned a revenue of 93 cents for the three months ended June 30, decrease than $1.15 per share a 12 months earlier.

PayPal’s income rose 10% on an FX impartial foundation to $6.Eight billion as cost volumes leapt 13%.

(Reporting by Mehnaz Yasmin in Bengaluru; Enhancing by Krishna Chandra Eluri)