18:I[65179,["/_next/static/chunks/16oq79q4m6et7.js","/_next/static/chunks/0__7pjky1~_cm.js","/_next/static/chunks/04~mj_5cp40sv.js","/_next/static/chunks/0rrzxh_-qnds7.js","/_next/static/chunks/0hq7ls5nczupw.js","/_next/static/chunks/0vhz4n8tvvg06.js"],"default"] 1a:I[3697,["/_next/static/chunks/16oq79q4m6et7.js","/_next/static/chunks/0__7pjky1~_cm.js","/_next/static/chunks/04~mj_5cp40sv.js","/_next/static/chunks/0rrzxh_-qnds7.js","/_next/static/chunks/0hq7ls5nczupw.js","/_next/static/chunks/0vhz4n8tvvg06.js"],"default"] 1c:I[49310,["/_next/static/chunks/16oq79q4m6et7.js","/_next/static/chunks/0__7pjky1~_cm.js"],"IconMark"] 19:T4dd,

PayPal (NASDAQ: PYPL) stock collapsed 14.67% in pre-market trading on Friday, August 28, after reports emerged that Stripe and Advent had withdrawn their offer to acquire the company for $60.50 per share.

The decline followed a period of gains for the stock, which had climbed 5.40% over the previous 30 days of trading to close at $61.47. Shares remained level during the after-hours session on Thursday but dropped sharply as soon as pre-market trading began on Friday, falling to $52.45.

The pre-market move erased a significant portion of PayPal's market capitalization, which fell from $52.58 billion to $44.87 billion as a result of the price drop.

Key details

PYPL closed at $61.47 after a 5.40% gain over 30 days
Shares fell 14.67% to $52.45 in pre-market trading
Market capitalization dropped from $52.58 billion to $44.87 billion
The proposed acquisition offer from Stripe and Advent was priced at $60.50 per share

The sharp downward move in PayPal's stock price was entirely attributed to the reports of Stripe and Advent's withdrawal from the acquisition offer.

Source

#Stripe