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PayPal Writes Down $228 Million on Investments After Uber

PayPal Holdings Inc. Illustrations Ahead Of Earnings Figures
Photographer: Gabby Jones/Bloomberg
Updated on

PayPal Holdings Inc. will report a $228 million loss on investments before taxes in the third quarter, driven in large part by a bad bet on Uber Technologies Inc. just before it went public.

The San Jose, California-based payments company said the investment in Uber, for $500 million at the initial public offering price, had declined 34%. Another investment, in Latin American online retailer MercadoLibre Inc., had declined 10%, PayPal said.