PayPal (PYPL) Stock Rises on Carl Icahn's Investment
PayPal (PYPL) stock is up in mid-morning trading on Tuesday after activist investor Carl Icahn diverted his eBay (EBAY) investments to PayPal.
NEW YORK (TheStreet) -- PayPal (PYPL) - Get Report stock is climbing by 2.02% to $36.35 in mid-morning trading on Tuesday, after billionaire activist investor Carl Icahn invested in the digital payments platform.
SEC filings on Monday show that Icahn sold his 46.3 million shares in eBay (EBAY) and reported the same number of shares in PayPal, Reuters reports.
PayPal split off from eBay as a publicly traded company earlier this year.
Icahn, an activist investor known for pushing management changes at companies, had pushed for eBay to spin off PayPal last year, Reuters noted.
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