PayPal CEO Ousted After Less Than Two Years, HP's Lores to Take Over
PayPal announced Tuesday that CEO Alex Chriss was being replaced by Enrique Lores, the current CEO of HP, after Chriss failed to meet the board's expectations. The move comes less than two years after Chriss took over from Dan Schulman with a technology-focused vision centered on AI and stablecoins, according to Fortune. PayPal's share price has fallen approximately 80% over the past five years, and the company predicted lower earnings for 2026.
According to a statement released by PayPal, the board replaced Chriss due to "poor performance," stating, "The pace of change and execution was not in line with the Board’s expectations." The market's reaction to Lores' appointment was not immediately clear.
French Prosecutors Raid X Offices in Child Abuse Investigation
In other news, French prosecutors raided the offices of social media platform X on Tuesday as part of a preliminary investigation into allegations including spreading child sexual abuse images and deepfakes, NPR reported. Prosecutors have also summoned X owner Elon Musk for questioning. X and Musk's artificial intelligence company xAI are also facing increased scrutiny from Britain's data privacy regulator, which opened formal investigations into how they handled personal data during the development and deployment of Musk's AI technology.
Billionaire Pays $2 Million for White House Visit with Trump
Billionaire investor Herbert Wertheim paid $2 million for a private visit to the White House with President Donald Trump at a charity gala in Palm Beach last month, Fortune reported. The winning bid occurred during a charity event at Trump’s Mar-a-Lago estate, which supported educational scholarships for children of Palm Beach police officers and firefighters. The event raised a record $7.5 million for first responders scholarships and local services, according to organizers. Wertheim's lunch purchase included round-trip travel on financier Thomas Peterffy’s private jet, a perk donated jointly by Peterffy, Trump, and philanthropist Lynne Wheat. "It is certainly for a good cause," Wertheim told the Palm Beach Post.
The Justice Department released more than 3 million files related to the Jeffrey Epstein case, and police are searching for Savannah Guthrie's mother, according to NPR.
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