Elliott Builds PayPal Stake Seeking to Speed Cost Cuts

Technology

Elliott Investment Management is building a stake in PayPal Holdings Inc., the payments giant that has been firing staff and closing offices to cut expenses.

Elliott plans to push for PayPal to speed those cost-reduction efforts, according to people familiar with the matter. The activist investor may ultimately become one of the company’s five-largest shareholders, the people said, asking not to be identified discussing confidential information.