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eBay “Icahned” into PayPal Split, Traders Say
Investors are anxiously eyeing an independent PayPal, believing the likelihood that eBay will spin off his successful payments is now more likely to take place and could happen as soon next year.
eBay’s board is said to be telling candidates for the PayPal CEO post, vacated by David Marcus in June, that a 2015 spin off of its payments division is a real possibility, according to The Information. The company’s stock rose 5 percent Thursday on the report.
Traders on StockTwits credit activist investor Carl Icahn for his role in pushing the e-commerce company to consider a split.
eBay and Ichan were in a public proxy dispute ahead of the company’s annual shareholder meeting, and Icahn had been strongly advocating for a PayPal-eBay breakup. The parties settled the fight in April and Icahn agreed to withdraw his proposal for a split, though his preference remained clear.
“I continue to believe that eBay would benefit from the separation of PayPal at some point in the near future and intend to continue to press my case through confidential discussions with the company,” Icahn said in a press release at time.
PayPal was the shining star in eBay’s otherwise lackluster second quarter. The unit brought in $1.9 billion in revenue and grew its payments volume by 29 percent. The numbers are not lost on traders who believe the payments service is the company’s best asset and want a stake in a solo PayPal.
