PayPal Looks To Close Down Its San Francisco Office That Houses Xoom

  • PayPal Holdings, Inc PYPL is closing its San Francisco office at 425 Market Street as it evaluates its global office footprint, the TechCrunch reports.
  • The office housed its Xoom business unit.
  • The employees that worked out of that office will work virtually with the ability to work from the company’s headquarters office in San Jose. 
  • Also Read: PayPal Q1 Profits In-Line With Street Expectation, FY22 Outlook Lags Street Consensus
  • The move could be due to San Francisco’s Prop C, which levied a tax upon any San Francisco business that earns over $50 million in gross receipts. The proceeds go toward housing and services.
  • In 2015, PayPal acquired Xoom, which focused on online money transfer technology and services.
  • Price Action: PYPL shares traded higher by 12.40% at $92.88 on the last check Thursday.

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