PayPal Looks To Close Down Its San Francisco Office That Houses Xoom

April 28, 2022 3:25 PM | 1 min read |

PayPal Holdings, Inc PYPL is closing its San Francisco office at 425 Market Street as it evaluates its global office footprint, the TechCrunch reports.
The office housed its Xoom business unit.
The employees that worked out of that office will work virtually with the ability to work from the company’s headquarters office in San Jose.
Also Read: PayPal Q1 Profits In-Line With Street Expectation, FY22 Outlook Lags Street Consensus
The move could be due to San Francisco’s Prop C, which levied a tax upon any San Francisco business that earns over $50 million in gross receipts. The proceeds go toward housing and services.
In 2015, PayPal acquired Xoom, which focused on online money transfer technology and services.
Price Action: PYPL shares traded higher by 12.40% at $92.88 on the last check Thursday.