Fresh layoffs at a Bay Area tech giant have gutted senior employees and engineers as part of a brutal 20% workforce reduction. Payments giant PayPal plans to ax 251 employees at its San Jose

PayPal plans to lay off 251 employees tied to its San Jose operations in a restructuring that will take effect Oct. 30, according to a layoff notice filed July 24 with the California Employment Development Department and local officials.

Stripe and buyout firm Advent are no longer pursuing their acquisition of PayPal as was reported earlier this month.

Shares plunged 12.71% on Friday as the reported acquisition pursuit collapsed, removing deal premium support, today, Aug. 28, 2026.

PayPal (PYPL) remains a Hold, with the recent $60.5/share bid setting a visible ceiling for strategic optionality.

PayPal shares fell as much as 16% in premarket trading Friday after Bloomberg reported that Stripe and Advent International abandoned their pursuit of the company.

Shares in the digital payments leader are 81% off their all-time record.

The axe falling in India for some employees as Paypal goes ahead with a global overhaul and restructuring of its business. The company says it's laying off around 4% of its staff in the Asian nation,