On August 3, 2022, PayPal Holdings Inc announced that on August 2, 2022, it pledged its allegiance to goals recently set with activist investor Elliott Investment Management. The CEO Schulman stated that although the company has already been cutting costs this year, including jobs and the company is targeting $900 million in expense savings for this year that will roll into additional savings of $1.3 billion next year and the Company has benefited from reducing supplier costs, but is also eying its workforce, real estate and consulting as potential targets for trimming. Schulman said that the Company also still sharpening its pencils to identify additional areas of productivity improvements across its servicing, marketing and engineering functions, as well as opportunities to rationalize its real estate footprint and shift its hiring to lower-cost geographies.

Further, the CEO Schulman stated that those new priorities and savings initiatives follows constructive and collaborative discussions with Elliott Investment, in addition, Schulman also noted that PayPal had entered an information sharing agreement with Elliott as part of their plan to continue working together and align mutual goal to maximize shareholder value and also substantially aligned on the areas of focus for reaching the Company objectives.