BUSINESS Elliott pushes for changes at eBay

BUSINESS

Elliott pushes for changes at eBay

AP

04:57, January 23, 2019

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This Jan. 14, 2015, file photo, shows signage at the entrance to eBay's headquarters in San Jose, California. (Photo: AP)

An activist shareholder said Tuesday that eBay would be better off without StubHub or its classified ads businesses.

Elliott Management, which owns more than 4 percent of its stock, said in a letter to eBay that if it focused on its online marketplace, the company could double its share price to more than $63 by the end of next year.

Shares of eBay Inc. jumped 8 percent in midday trading.

In a statement from its headquarters in San Jose, California, eBay said it will “carefully review and evaluate Elliott’s proposals.”

Elliott believes eBay’s classifieds business has a potential value of $8 billion to $12 billion, and put StubHub’s value between $3.5 billion and $4.5 billion.

 

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