3 Reasons PayPal Is Betting $5 Billion on Its Own Stock

In early February, PayPal (PYPL 0.33%) Chief Financial Officer Jamie Miller revealed that the company plans to buy back about $5 billion of its own stock in 2024. With a market cap of only $65 billion, the repurchases would represent nearly 8% of the company's equity value.This is a huge bet for PayPal. Now trading at a depressed valuation, buying back stock could prove a genius move. But if history is any indication, PayPal could end up rapidly destroying shareholder value.The company has already spent $15 ...