(Reuters) -Activist investor Elliott Investment Management is building a stake in PayPal Holdings Inc, as it plans to push the fintech giant to ramp up its cost-reduction efforts, Bloomberg News reported, citing people familiar with the matter. Elliott may eventually become one of the PayPal's five largest shareholders, according to the report on Tuesday. The Wall Street Journal first reported Elliott's stake in PayPal earlier on Tuesday, but said the size of the ownership could not be determined. (https://on.wsj.com/3zAzplf)PayPal and Elliott did not respond to Reuters' requests for comments outside regular business hours. (Reporting by Akanksha Khushi and Rachna Dhanrajani in Bengaluru; Editing by Sherry Jacob-Phillips and Uttaresh.V)

Source: Wall Street Journal July 27, 2022 10:24 UTC