Fast forward to 2026: PayPal just fired its CEO, the stock is sitting at its lowest level since 2017 (sub-$44), and the company is trading at ~7.4x forward earnings.
A few years ago, the narrative was that PayPal was a long-term fintech winner with strong leadership and a durable moat. That did not age well.
In addition to the below comments, PayPal is also one of the few major platforms who add a fee for Chargebacks which leads to frauds where users could send money to a YouTuber, Gamedev, or Streamer via a paypal link, let's say $1, and then take the money back, resulting in a $15 loss to said Streamer.
There were a couple of high profile cases of this a while back where PayPal saw this happen and chose not to settle the fees, because it was within their terms to charge them regardless of the cause.