PayPal set to break up with eBay next month
California, United States-based e-commerce giant, eBay, is letting go of their popular payment platform, PayPal, as an independent company.
Free from outside control, PayPal will start trading in the stock market under the symbol “PYPL” starting from July 20 and Paypal shares will be shared within eBay stockholders just before then. Dan Schulman will retain his leadership role at PayPal but under a new title of CEO.
“eBay and PayPal are two great, special businesses,” John Donahoe, chief executive and president of parent company, eBay Inc., said.
“As separate, independent companies, eBay, led by Devin Wenig, and PayPal, led by Dan Schulman, will each have a sharper focus and greater flexibility to pursue future success in their respective global commerce and payments markets.”
eBay acquired PayPal for $1.5 billion in 2002 as a payment processor to help accept auctions on the former’s e-commerce platform. Last year, PayPal had $235 billion in transactions, with a certain percentage of it being held back by the company as “payment charges.”
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