PYPL drops 12% as Stripe abandons its buyout deal. Discover why Thomas Hayes praises PayPal's board for saving 'meaningful upside.'

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.

Stripe and Advent International withdrew their $53 billion bid for PayPal after the board rejected the $60.50 per share offer as insufficient.

PayPal Holdings (PYPL) is losing a key takeover catalyst after fintech giant Stripe and private equity firm Advent International ...