Icahn sheds eBay stake in favor of PayPal

Activist investor Carl Icahn shed his stake in online marketplace eBay, opting to put his money instead into recently spun-off PayPal, according to a regulatory filing made public on Monday.

As of the end of September, Icahn held no stock in eBay but retained his entire position in PayPal, a quarterly filing with the US Securities and Exchange Commission showed.

Icahn was among eBay’s top stockholders just three months earlier, with some 46.3 million shares.

The filing revealed that Icahn ended September owning a similar number of shares in Silicon Valley-based online payments service PayPal, which was spun off from parent company eBay in July.

Icahn successfully lobbied a reluctant eBay to spin PayPal off into a separate company, which began trading on the New York Stock Exchange in July.

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