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May 14, 2015

PayPal will relist on Nasdaq following eBay split

Payments firm claims back PYPL ticker in return to roots.

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PayPal is set to relist on the Nasdaq stock exchange following its split from eBay in the second half of the year.

The online payments firm will again take up the PYPL ticker that it used before it was purchased by the auction site in 2002 for $1.5bn.

Dan Schulman, president of PayPal, said: "I’m honored and thrilled that PayPal is returning to its roots as an independent company. In the second half of 2015 we’ll once again be publicly traded on NASDAQ with our original stock ticker symbol PYPL.

"This is a meaningful symbol for the company because it represents our unbroken commitment to the spirit of the original vision that sparked the launch of PayPal 17 years ago."

Since joining eBay, PayPal claims to have handled 18 billion transactions and $1tn in payments, growing to serve 165 million customers across almost every country in the world.

Its split from eBay comes amid similar moves from other large technology firms in Silicon Valley, with Symantec and HP both set to dice up their companies in a bid to refocus and become more efficient.

It also coincides with widespread disruption in financial technology as the industry reacts to changes in consumer expectations and as regulatory pressure from the financial crash fades.

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"We’re in possibly the greatest period of change and transformation in the history of money and financial services," Schulman said.

"Everything about how commerce works is in flux – how people shop; how merchants sell to consumers; how people interact with financial institutions; the very nature of money itself."

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