Why PayPal Stock Roared Higher on Wednesday

Shares of PayPal (NASDAQ: PYPL) surged higher Wednesday, jumping as much as 11%. As of 11:17 a.m. ET, the stock was still up 10.7%.

The catalyst that sent the fintech pioneer higher were reports that an activist investor has taken a stake in the company.

Well-known activist investor Elliott Management has been accumulating PayPal stock, according to a report in The Wall Street Journal. While the size of the stake hasn't yet been disclosed, Elliott could eventually become one of PayPal's five biggest shareholders, according to a report by Bloomberg. 

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Source Fool.com