PayPal’s CEO Enrique Lores is on the hunt for a buyer as he seeks to turnaround the company, with negotiations reportedly heating up between Stripe and private equity firm Advent.

The prospect of a sale first emerged in July when both companies offered $60.50 per share, valuing PayPal at $53 billion. While PayPal initially rejected the offer, new reports suggest talks may yet come to fruition as Lores implements his cost-cutting and operational restructuring plans.

Lores joined PayPal from HP in March 2021, bringing with him a plan to refocus on technology fundamentals. His first moves included an executive reshuffle and reorganising the business into three operating models: checkout solutions, consumer financial services, and payment services and crypto. Lores has also pledged to reduce the workforce by 20% over the next two years as part of these cost-saving plans.

PayPal was founded in 1998 by a group including Peter Thiel, Elon Musk, and Max Levchin among others, and while it grew significantly during the pandemic, struggles have seen Lores take decisive action to refocus on core fundamentals. A sale could be viewed as an admission of failure or simply a strategic pivot for greater growth.