PayPal shares plunged as much as 12 percent Thursday after eBay decided to dump its long-time partner in favor of a competitor.
But Bill Ready, the payment processing company’s COO, said investors need time to digest this news.
“One of the things people don’t understand fully about this is that when we spun out of eBay that there was an operating agreement in place that talked about, over time, we become two fully independent companies,” he told Cheddar in an interview. “Not only would eBay be able to work with others for things like card processing, but also that we’d be able to partner with all the fastest growing marketplaces around the world.”
EBay announced a multi-year deal Wednesday for Amsterdam-based Adyen to provide back-end payment processing. PayPal will still remain a payment option for eBay customers, but it won’t be featured as prominently.
That’s a big change for PayPal, which was acquired by eBay in 2002 and spun off in 2015. But Ready says the company’s other businesses hold more opportunity.
“Our marketplace business outside of eBay is already many tens of billions of dollars in volume, growing at about 50 percent per year, versus our legacy eBay business which is growing at about 4 percent per year.”
For full interview, [click here](https://cheddar.com/videos/paypal-coo-responds-to-companys-break-up-with-ebay).
TikTok once again finds itself in a precarious position as lawmakers in Washington move forward with a bill that could lead to a nationwide ban on the platform.
Bryan West, Gannett’s Taylor Swift reporter, recaps the many, many, theories and Easter eggs Swifties are debating as her ‘Eras Tour’ film comes to Disney+.
‘Our Biggest Fight’ author and Project Liberty founder Frank McCourt, Jr. explains his problem with the internet – and why this Tiktok bill is just a starting point.
Consumer prices in the United States picked up last month, a sign that inflation remains a persistent challenge for the Federal Reserve and for President Biden.
Jayesh Govindarajan, head of A.I. at Salesforce, explains the company's new Einstein copilot, plus other ways it is investing in artificial intelligence.
Altro founder and CEO Michael Broughton shares how his company is bringing both expanded credit access and financial wellness to underserved consumers, plus netting early investments from Tinashe, Quavo, and Jay Z’s Marcy Ventures.
Portillo’s CEO Michael Osanloo discusses the company’s decades of profitability, opening restaurants in new markets, and why it doesn’t need trends like dynamic pricing.
