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EBay founder defends plan to retain PayPal

NEW YORK (AP) - EBay's founder Pierre Omidyar is weighing in on billionaire investor Carl Icahn's claims that the company is not operating in the best manner for shareholder value.

Icahn is urging the company to split off its PayPal unit, which is the fastest growing unit of the e-commerce company. In three letters to shareholders over three days, Icahn has also leveled attacks at two directors and company CEO John Donahoe.

On Thursday, founder and chairman Omidyar said Icahn is making unsubstantiated claims about the company. He says the idea of splitting off PayPal is not a new one and that eBay has considered it and decided against it in the past.

Ebay bought PayPal for $1.3 billion in late 2002. Icahn disclosed a less than 1 percent stake in eBay in January.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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