|Mon Nov 16 2015 20:19:51|
Carl Icahn Dumps eBay in Favor of PayPal
By: Ina Steiner
The investor who pressured eBay into spinning off PayPal has dumped his holdings in the now standalone eBay, according to Reuters
. The newswire said Carl Icahn swapped his entire equity stake in eBay for the same number of shares in PayPal in the third quarter.
Reuters said filings with the SEC
showed that Icahn's stake in PayPal as of September 30 amounted to 3.8% of the company.
Last year, eBay had called Icahn a mudslinger and a liar when trying to fend him off, but in January of this year, eBay's board capitulated to pressure that it separate the Marketplaces and Payments businesses; the breakup was completed in July.
John Donahoe, the former head of eBay who had fought Icahn tooth and nail over the breakup, is not clear of Mr. Icahn, however - Donahoe now heads PayPal's board of directors.
Does Icahn's change in positions in the two companies reveal anything about his confidence in eBay's performance going forward?