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).
Boeing continues their terrifying trend of having their planes fall apart mid-flight, inflation — checks notes — is still up and the future of AI looks terrifying. Cheery!
Food waste – uneaten scraps or leftovers sent to landfills – is responsible for 10% of global emissions. Mill, a new product from the co-founder of Nest, thinks technology can play a role in eliminating it.
By the time the 2024 election is over, be prepared to see some form of a recession – but this shouldn’t be as bad as what we experienced in 2020 or 2008.
International Master Alice Lee defeated grandmaster Irina Krush to win the American Cup – becoming one of the best women players in the world in the process – but she’s not stopping there.
You can track your sleep habits or heart rate, but how about your brain? Neurable's MW75-Neuro headphones turn your focus and productivity into data you can use to avoid burnout – here's how they do it.
Whether it’s a deepfake video of actor Tom Cruise discovering gum in a lollipop or President Joe Biden discouraging people from voting via telephone, you’ve likely come across a deepfake video, photo or audio recording.
Tensions in the South China Sea, Apple moving to India, and banning TikTok? The podcast ‘Face Off: The U.S. Versus China’ helps explain how we got here.
