- PayPal Holdings Inc (NASDAQ:PYPL) has reportedly been considering buyers to divest money transfer service provider Xoom Corp.
- The company is working with Goldman Sachs Group, Inc. (NYSE:GS) on the sale procedure, reported The Information.
- PayPal acquired Xoom in 2015 for about $1 billion in order to enter a growing international remittance market.
- Xoom allows users to send cash to other people, pay international bills or reload a prepaid mobile phone.
- Paypal launched a new cross-border money transfer product, Debit Card Deposit, enabling Xoom customers in the U.S. to send money directly to their friends & family’s eligible Visa Inc. (NYSE:V) debit cards in 25 countries.
- The decision to sell is said to have been influenced by activist investor Elliott Management after it took a material stake in the technology platform last year.
- Also Read: If You Invested $1,000 In PayPal Stock After It Was Spun Off From eBay, Here’s How Much You’d Have Now
- Price Action: PYPL shares are trading higher by 0.39% at $61.04 on the last check Wednesday.
He Who Must Not Be Impersonated? Verified Twitter Accounts Mimicking Elon Musk Get The Ax
Elon Musk, the owner of Twitter, said that the social media platform will permanently suspend those handles impersonating him if they don’t clearly specify “parody.” Twitter is, however, reportedly even taking down handles that are marking their accounts as “parody.”
