PayPal COO Responds to Company's Break-Up with eBay
PayPal posted better-than-expected results, but news that eBay is abandoning the company in favor of a smaller European competitor caused the stock to fall. Bill Ready, COO of PayPal, joined us to explain why he thinks investors are misunderstanding the news.
Ready says PayPal will retain a majority of eBay’s volume with the deal it did for PayPal branded checkout. He also said the primary part of PayPal's business was actually expanded with eBay. Ready added that investors may be getting it wrong because this kind of news takes time to digest.
EBay explained that its decision to integrate Adyen's payment processor would result in lower costs and more control for its merchants. Ready responded by highlighting all the long-term partnerships the company has with Airbnb, Facebook, Google, Apple, and Uber.
Venmo has been a solid source of growth for PayPal, processing $10.4 billion in payments in just the fourth quarter. Ready said that now more than 2 million retailers are able to accept payments from Venmo. Many people have said Apple Pay Cash is going to be a Venmo-killer. Ready said the rush of competitors into the digital payments space hasn't stopped Venmo's business from accelerating.
Ari Redbord, head of legal and government affairs and TRM Labs, joins Cheddar News to discuss why Facebook is ditching its crypto project and what that means for the space.
Natalie Fertig, federal cannabis policy reporter at Politico Pro, joins Cheddar News to discuss a new YouGov poll that looks at how Americans feel about marijuana and politics.
After classic rocker Neil Young demanded removal of his music from Spotify over vaccine misinformation coming from The Joe Rogan Experience podcast, the platform made the decision to take down Young's songs and continue supporting Rogan with whom they have an exclusive contract. The move touched off a firestorm of controversy, leading to responses from both the streaming service and the podcasting host. Evan Nierman, CEO of Red Banyan Crisis PR, joined Cheddar to break down the latest on the fracas. "I think when [Spotify] initially said, we're not going to be commenting on that, that was a silly move because guess what? They did end up commenting about it, and nine times out of 10, when an organization says they're not going to be issuing a comment, they ultimately do," Nierman noted.
Tesla reported record profits for an electric fourth quarter, but investors still have plenty of questions. The EV giant will not be releasing any new vehicles this year and provided no updates on its Cybertruck. Cheddar News was joined by Ed Butowsky, Chapwood Investments Managing Partner to go over Tesla's quarter and analyze its concerns going forward.
Julius De Kempenaer, Senior Technical Analyst at Stockcharts.com, joined Cheddar News to break down what led to Apple's massive quarter, and what the future may hold for the tech giant as competition with Microsoft ramps up.
