00:00It's Benzinga bringing Wall Street to Main Street.
00:02PayPal CEO Enrique Lores is moving ahead with a turnaround plan
00:06after talks over a potential $50 billion to plus sale failed to produce a deal,
00:13according to the Wall Street Journal. Lores wants to cut billions of dollars in costs,
00:18improve PayPal's checkout experience, and turn Venmo into a broader money management app.
00:23Venmo could add budgeting, investing, and buy now, pay later tools as PayPal tries to compete
00:28with SoFi, Chime, Cash App, and Robinhood. PayPal shares have fallen back to about $53
00:34after topping $62 when reports of a possible acquisition by Stripe and Advent International
00:40emerged. Analysts remain skeptical after years of weak execution. Lores has compensation incentives
00:47tied to pushing the stock above $68 and potentially $125. For all things money, visit Benzinga.com.
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