PayPal has come a long way from just being an online money transaction website to now becoming a tech giant. From being $1.5 billion in 2002, it is now worth $50 billion starting July 20.
Cnet reported that it was back in 2002 that PayPal was bought by eBay for only $1.5. Now it is even worth more than eBay itself. The two companies went on a split just last Friday, July 17 and the stockholders of eBay got their shares from the now tech giant for every shares that belong to them. While PayPal is booming, eBay dropped its value by almost $50 billion since they used to be in the market just a week ago worth $80 billion.
The two decided to go their own separate ways because of a fight involving Carl Icahn who is a company investor, as he wants to be removed from the deal to work more on PayPal's potential. This is when the two just wanted to end its relationship with each other to focus on what they do best.
Geekwire also got a hold of the success of this peer-to-peer transaction going globally huge from where they started. Yesterday was its official day of trading and $50 billion is indeed a huge amount for this company. Investors are seeing a lot of great opportunities for PayPal and it's all because of their digital payment scheme.
The competition is tough in the tech world and PayPal is clearly keeping up with it. Thanks to its loyal subscribers and believers, its success is looking like it would even progress more in the coming days. Just last year, Geekwire reported that PayPal has processed about $235 billion in payment from its 165 million users. They profited about $419 billion on a revenue of $8 billion.
