Paypal-Linked Etfs Plunge As Takeover Hopes Fade Arabian Post
PayPal Holdings shares closed 12.7% lower at $53.66 on August 28 after reports that the consortium had stopped pursuing a transaction valued at more than $50 billion. The sell-off was amplified in leveraged ETFs designed to magnify movements in PayPal shares, producing some of the sharpest losses across the US exchange-traded fund market.
The Direxion Daily PYPL Bull 2X ETF, which targets twice PayPal's daily share-price performance, dropped about 26% to $31.96. The Leverage Shares 2X Long PYPL Daily ETF fell nearly 26% to $7.30. YieldMax's PYPL Option Income Strategy ETF, which provides PayPal exposure while generating income through an options strategy, lost about 13.5% to close at $26.15.
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