Stock Market Today, Aug. 28: PayPal Falls 13% After Stripe and Advent Abandon $50B Takeover
Shares plunged 12.71% on Friday as the reported acquisition pursuit collapsed, removing deal premium support, today, Aug. 28, 2026.
On August 28, PayPal Holdings (PYPL) experienced a significant 12.71% decline, closing at $53.66. The drop came after reports that Stripe and Advent International withdrew their proposed $50 billion takeover bid. Investors are closely monitoring the situation, focusing on PayPal's ability to execute its turnaround strategy. Trading volume surged to 35.9 million shares, more than quadruple its three-month average of 16.0 million shares.
Founded in 2015, PayPal has seen a 46% growth since going public. The broader market also experienced declines, with the S&P 500 (SNPINDEX:^GSPC) falling 0.27% to 7,710 and the Nasdaq Composite (NASDAQINDEX:^IXIC) dropping 0.52% to 26,402. Peer companies in the digital financial technology sector, such as Fiserv, closed at $53.18, up 1.14%, following a guidance cut earlier in the month that highlighted margin pressure within the group.
Advent International and Stripe had initially teamed up to pursue a $53 billion acquisition of PayPal. However, their bid was abandoned, causing PayPal's stock to return to near its 50-day moving average.
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