Why PayPal and SoFi Stocks Got Hammered Today
The fintech sector was rocked on Wednesday by the news that Twitter has filed the initial regulatory paperwork required for its platform to handle payments.
Largely as a result, two of the sector's biggest names took hits to their share prices on the day. PayPal (NASDAQ: PYPL) -- coincidentally the result of an early business venture by current Twitter owner Elon Musk -- declined by 3%, while SoFi Technologies (NASDAQ: SOFI) dipped by more than 2%.
Twitter is a massively popular micromessaging site, but popularity and ubiquity don't necessarily mean financial success. The company has struggled to grow, and it has very frequently lost money on the bottom line. As a result, during its life as a publicly traded company, it was never a particularly choice stock in the tech sector.
Source Fool.com
