Finally! The Internet and Wall Street Gods have heard our cries.
For years, people have argued that PayPal “deserves” to be an independent company.
The rumbling started with the original PayPal mafia. As PayPal’s value grew beyond that of corporate parent eBay, many wondered how dominant the company could have become, had it not sold? No matter how ineffective PayPal’s management was at times, no matter how bureaucratic the company became, it was still the dominant payment company on the Web. What could it do on its own?
Those thought experiments hit a fever pitch in recent years with everyone from internal PayPal execs to Carl Icahn shouting the same thoughts. Finally, this week, it happened: PayPal was spun out. It’s now a publicly traded company worth some $ 45 billion.
And yet, I’ve asked this before and I’ll ask it again: Does anyone actually think this independence will last..?