Dan Schulman Scoops Up Nearly $2 Million Worth Of PayPal Stock

February 24, 2023

minute read

As the tech sector experienced a rebound last week amid a slump in the economy, a soon-to-be-departing CEO made a large investment in his own company.

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Dan Schulman, the CEO of PayPal, has acquired over 26,000 shares of the company's stock over the last week, at a cost of nearly $2 million, according to data from VerityData and securities filings that have been made public. By the end of the year, Schulman will be stepping down from his position as CEO of the company.

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Schulman had previously bought 8,000 shares of PayPal in February 2022, near the start of the tech stock sell-off. In the past, Schulman has consistently sold PayPal stock to VerityData, according to VerityData, even when he was not selling it.

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PayPal's shares have increased by more than 3% so far this year, but they are still down by more than 50% from where they were at the beginning of 2022.

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Most professional investors monitor insider buying as a signal of a company's quality in order to evaluate its prospects. The theory goes that if an executive or a member of a board is buying additional shares outside of their compensation, then they are likely to believe that the business is doing well and that the stock is undervalued.

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In addition to Walker's purchase of over $600 of ConocoPhillips stock on Wednesday, Walker, a former CEO of Anadarko Petroleum who sits on ConocoPhillips' board, has since added to his purchase of more than $600 of the company's stock on Feb. 17.

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In another insider purchase in the energy sector, Devon Energy CEO Richard Muncrief purchased more than $500,000 of stock in the company on February 17. Muncrief added another $265,000 worth of stock to his portfolio on Wednesday as well.

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It is also noteworthy that Wintrust Financial director Brian Kenney bought the stock from the company. Earlier this month, Wintrust announced that their CEO would be changing, and Kenney is now the second Wintrust director to buy stock since the decision was made public.

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