Shares of Brazilian digital bank Nu Holdings (NYSE: NU) jumped on Monday after the company announced a new addition to its board of directors. Normally such a move wouldn't warrant this kind of positive reaction from the market. But this may be a special case, and it's why Nu stock was up almost 6% as of 3 p.m. ET.

Today, Nu announced that David Marcus had been added to its board of directors. Marcus isn't necessarily a household name, but he does have experience at big companies including Meta Platforms and PayPal.

Marcus was PayPal's president from 2012 to 2014 -- a high-level position. Later, he was in charge of Meta Platforms' cryptocurrency project Novi. Some might point out that Meta later abandoned the project. However, that likely reflects more on the regulatory scrutiny Meta faced with it rather than any failure on Marcus' part, in my opinion. 

Continue reading

Source Fool.com