PayPal Holdings Inc.
shares suffered their worst selloff on record after the company lowered its 2022 profit outlook and scrapped an ambitious growth strategy it put in place last year.
Shares in the payments company fell more than 24% on Wednesday to close at $132.57, erasing about $50 billion in market value.
For much of 2020 and 2021, PayPal was an investor favorite. The migration to online shopping over the course of the pandemic boosted its transaction volumes and profits, sending its market capitalization higher than all U.S. banks except JPMorgan Chase & Co.
Investor sentiment started to sour after coronavirus lockdowns eased and in-store sales recovered. In October, news of a potential deal to buy the social-media company
sent PayPal shares…
