It was announced on September 30, 2014, that eBay would spin off PayPal into a separate publicly traded company, a move demanded in 2013 by activist hedge fund magnate Carl Icahn. PayPal announced that Marcus would be succeeded by Dan Schulman, who previously served as CEO of Virgin Mobile and Executive vice president of American Express. David Marcus succeeded Scott Thompson as president, who left the role to join Yahoo. In June 2014 David Marcus announced he was leaving his role as PayPal President Marcus joined PayPal in August 2011 after its acquisition of Zong, of which he was the founder and CEO.
In 2013, PayPal acquired IronPearl, a Palo Alto startup offering engagement software, and Braintree, a Chicago-based payment gateway, to further product development and mobile services. and accounted for 40% of eBay's revenue, amounting to US$1.37 billion in the 3rd quarter of 2012. By the end of 2012, PayPal's total payment volume processed was US$145 billion. In August 2012, the company announced its partnership with Discover Card to allow PayPal payments to be made at any of the seven million stores in the Discover network.
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In 2011, PayPal announced that it would begin moving its business offline so that customers can make payments via PayPal in stores. The company continued to build its Merchant Services division, providing e-payments for retailers on eBay. On 5 December 2013, 13 of the PayPal 14 pleaded guilty to misdemeanor and felony charges related to the attacks. The denial of service attacks occurred in December 2010, after PayPal stopped processing donations to WikiLeaks. In July 2011, fourteen alleged members of the Anonymous hacktivist group were charged with attempting to disrupt PayPal's operations. īy 2010, PayPal had over 100 million active user accounts in 190 markets through 25 different currencies. In November 2008, the company acquired Bill Me Later, an online transactional credit company. In January 2008, PayPal acquired Fraud Sciences, a privately held Israeli start-up that developed online risk tools, for $169 million. By the end of 2007, the company generated $1.8 billion in revenue.
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In 2007, PayPal announced a partnership with MasterCard, which led to the development and launch of the PayPal Secure Card service, a software that allows customers to make payments on websites that do not accept PayPal directly. In 2005, PayPal acquired the VeriSign payment solution to provide added security support. PayPal became the default payment method used by the majority of eBay users, and the service competed with eBay's subsidiary Billpoint, as well as Citibank's c2it, Yahoo!'s PayDirect, and Google Checkout. More than 70 percent of all eBay auctions accepted PayPal payments, and roughly 1 in 4 closed auction listings were transacted via PayPal. Shortly after PayPal's IPO, the company was acquired by eBay on October 3, 2002, for $1.5 billion in eBay stock. PayPal's IPO listed under the ticker PYPL at $13 per share and generated over $61 million.
That same month, Elon Musk was replaced by Peter Thiel as CEO of X.com, which was renamed PayPal in June 2001 and went public in 2002. In October of that year, Musk decided that X.com would terminate its other internet banking operations and focus on payments. Musk and Bill Harris, then-president and CEO of X.com, disagreed about the potential future success of the money transfer business and Harris left the company in May 2000. Musk was optimistic about the future success of the money transfer business Confinity was developing. In March 2000, Confinity merged with x.com, an online financial services company founded in March 1999 by Elon Musk, Harris Fricker, Christopher Payne, and Ed Ho. The first version of the PayPal electronic payments system was launched in 1999. Having had no success with that business model, however, it switched its focus to a digital wallet. PayPal was originally established by Max Levchin, Peter Thiel, and Luke Nosek in December 1998 as Confinity, a company that developed security software for hand-held devices. For a chronological guide, see Timeline of PayPal.
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