Stripe and private equity firm Advent International have submitted a joint $53 billion takeover bid for PayPal, valuing shares at $60.50—a 28% premium over Tuesday's close. The deal would split ownership between the two acquirers. PayPal has not yet responded.

PayPal's market cap has crashed from $360 billion in 2021 to around $36 billion today, squeezed by competition from Google and Apple. Shares jumped 15% intraday Wednesday on the news.