Altimeter Buys PayPal Stake, Just As Josh Brown Dumps His

Altimeter Capital CEO Brad Gerstner confirmed Wednesday that his firm has taken a “small” position in PayPal Holdings, Inc. PYPL on Wednesday.

The announcement came right on the heels of PayPal’s fourth-quarter financial earnings report.

“And, yes we own a small stake in $PYPL … Whether we become bigger investors in $PYPL depends on how convinced we become that mgmt & the board are truly committed to getting fit – to real change,” Gerstner said in a post on the social media platform, X.

See Also: S&P 500 Flirts With 5,000 As Magnificent 7 Tops $13 Trillion, NYCB Sinks: What’s Driving Markets Wednesday?

The confirmation of Altimeter’s new stake in PayPal comes just one day after Josh Brown, CEO of Ritholtz Wealth Management, revealed that he has sold his position in the company

“I don’t trust these guys … I know they are trying hard, no disrespect,” said Brown on CNBC’s Halftime Report on Tuesday.

Related News: Josh Brown Sold Some Nvidia Stock Today: Why He Says People Have ‘Lost Their Minds’

PayPal shares have shown recent weakness following the "First Look" keynote by CEO Alex Chriss. The event aimed to showcase new product innovations and AI enhancements at PayPal and its Venmo mobile payments subsidiary.

Chriss teased the keynote as revealing information that would “shock the world”, but the announcements received a lukewarm response.

Image via Shutterstock