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).
Meridith McGraw, White House Reporter at The Wall Street Journal, breaks down Trump’s $200M ballroom plan, D.C. police tensions, and the future of MAGA.
After years of being told that red wine was good for heart health, more Americans appear to be heeding warnings that even moderate alcohol consumption can be unhealthy.
Amazon is now rolling out a service where its Prime members can order their blueberries and milk at the same time as their batteries and other basic items.
Dr. Richard Besser, President & CEO of the Robert Wood Johnson Foundation and former CDC acting director, unpacks the impact of RFK's mRNA funding cuts.
Jessica Inskip, Director of Investor Research at StockBrokers.com and host of MarketMakeHer, unpacks earnings, market outlook, and what history says is next.
Laura Desmond, CEO of Smartly, explores how Big Tech giants are competing for ad dollars in a shifting digital landscape and how Smartly is here to help.
