PayPal’s $53B Buyout Rejection Bets Everything on a 5-Month CEO

PayPal’s board looked at a $53 billion buyout offer from Stripe and Advent International and said no. That rejection, formalized on July 20, is now the most consequential strategic bet the company has made in years — and it comes with a very specific burden of proof.

Key takeaways

• Stripe and Advent International offered $60.50 per share — roughly $53 billion with a 28% premium — to take PayPal private on July 15; the board rejected it within days.
• PayPal’s advisers at Goldman Sachs and Evercore pushed back with an ask closer to $70 per share.
• PayPal’s stock had already fallen nearly 90% from its July 2021 peak of $305.88 to roughly $47.37 before the offer arrived.
• Venmo generated $1.7 billion in revenue in 2025, up about 20%, but branded checkout — PayPal’s core franchise — grew just 1%-2% on a currency-neutral basis.
• New CEO Enrique Lores, in the job since early 2026, faces significant credibility tests as PayPal executes its independent strategy.

The Stripe and Advent International Offer — and Why PayPal Said No

On July 15, Reuters reported that Stripe and Advent International had put a formal offer on the table: $60.50 per share, representing a 28% premium to the prior close and an aggregate price tag of roughly $53 billion. The deal came with about $50 billion in committed bank financing, with the two bidders reportedly planning to split ownership equally and keep the company intact rather than break it apart.

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