PayPal Holdings Inc chief executive Dan Shulman, who plans to leave his post at the end of 2023, bought shares of the company worth about $2 million at the end of last week.
Shulman notified the U.S. Securities and Exchange Commission (SEC) that on February 17, he acquired 26 thousand shares of PayPal.
Such a move by the head of the company shows that management is confident in its ability to implement a plan to significantly increase profits this year, despite moderate revenue growth, VerifyData Research Director Ben Silverman notes.
In the fourth quarter of 2022, PayPal increased its net profit by 15% and revenue by 7%.
The company’s shares have fallen by 60% since the beginning of 2022, while the S&P 500 stock index has lost only 14% during this time, Market Watch notes.
Shulman has not sold PayPal shares since December 2021. In February 2022, he bought the company’s securities for $ 1 million, and in addition, he received shares as a reward.
Shulman intends to leave the post of CEO of PayPal on December 31, 2023, but will remain on the company’s board of directors.