Carl Icahn: Billionaire Sells Entire eBay Stake, Opts for PayPal Stake:
Icahn swapped his whole equity position for the exact same number of shares in PayPal Holdings in eBay, according to regulatory filings. PayPal completed its spinoff from eBay in July.
Billionaire activist investor Carl Icahn swapped his whole equity position for the exact same number of shares in PayPal Holdings in the 3rd quarter in eBay, regulatory filings revealed on Monday.
The filings with the Securities and Exchange Commission revealed that Icahn sold his position of 46.3 million shares in eBay and reported the same number of shares in PayPal which finished its spinoff from eBay in mid-July.
Icahn, whose PayPal position as of Sept. 30 amounted to 3.8 percent of the firm, had pushed for eBay to spin off PayPal last year and has board representation at PayPal through Icahn Capital managing director Jonathan Christodoro.
Icahn finally backed off from his drive for the spinoff in April of this past year. But executives and eBay managers changed their position on the break in June of last year after a six-month internal study of the payments landscape.
Wall Street breaks up over eBay-PayPal schism
Icahn, who’s famous for taking big positions in firms and pushing for direction change, additionally revealed he took a 1.36 million share position in American International Group during the third quarter, ahead of freely demanding the insurance company to divide into three firms.
In a letter to AIG CEO Peter Hancock in late October, Icahn blasted AIG as “too large to triumph,” a riff on the favorite “too big to fail” phrase that emerged from the fiscal disaster.
The size of Icahn’s AIG place hadn’t been previously revealed, and Icahn could have raised the stake by the time he tweeted that he possessed a “big” standing in the organization on Oct. 28.