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stock collapsed 14.67% in pre-market trading on Friday, August 28, after reports emerged that Stripe and Advent had withdrawn their offer to acquire the company for $60.50 per share.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