eBay is spinning off PayPal as a separate company. The CEO of the new eBay will be Devin Wenig, who is the president of eBay Marketplaces. The company is also going to have a new president of PayPal, Dan Shulman, until the unit is split, then he will be the CEO of the new PayPal. Carl Icahn, who is an activist investor, have wanted eBay to spin off PayPal and was ready to put it up for a vote of shareholders. Donahoe wanted against the split saying that “eBay is a big contributor to PayPal’s growth and expansion”. Icahn dropped the fight when eBay appointed David Dorman to the board. Peter Thiel helped found PayPal as an independent company. In 2002, eBay bought PayPal for 1.5 billion dollars, but the total payment grew 26% in the last six months to 203 billion dollars. As consumers start making more online payments, the company is predicted to grow, and they are likely to reach 3.5 billion dollars this year. They may even get 118 billion dollars annually in about four years. I can't believe that they make that much money.
If you want to hear more about this topic, you can visit cnn.com at http://money.cnn.com/2014/09/30/technology/ebay-paypal/index.html
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