PayPal is cutting 251 jobs at its San Jose headquarters as part of a 20% global workforce reduction targeting $1.5 billion in annual savings

Fresh layoffs at a Bay Area tech giant have gutted senior employees and engineers as part of a brutal 20% workforce reduction. Payments giant PayPal plans to ax 251 employees at its San Jose

By Manya Saini Sept 3 (Reuters) - PayPal has cut roughly 220 jobs in India as part of the payments firm's broader, multi-year turnaround plan laid out earlier this year, a person familiar with the matter told Reuters on Thursday.

Stripe and buyout firm Advent are no longer pursuing their acquisition of PayPal as was reported earlier this month.

Shares plunged 12.71% on Friday as the reported acquisition pursuit collapsed, removing deal premium support, today, Aug. 28, 2026.

PayPal (PYPL) remains a Hold, with the recent $60.5/share bid setting a visible ceiling for strategic optionality.

PayPal shares fell as much as 16% in premarket trading Friday after Bloomberg reported that Stripe and Advent International abandoned their pursuit of the company.

The axe falling in India for some employees as Paypal goes ahead with a global overhaul and restructuring of its business. The company says it's laying off around 4% of its staff in the Asian nation,

The abandonment of the buyout removes a cap on PayPal's upside, directing focus toward operational execution. Analysts see the lower valuation as more attractive if management succeeds in driving a turnaround under the new CEO, strengthening the investment case despite near-term headwinds.