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.
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Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
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