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

• PayPal Holdings, Inc (NASDAQ: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.