PayPal headed to Nasdaq under old ticker symbol after spinoff

Founded in 1998, the San Jose, Calif.-based company originally traded under the PYPL ticker symbol before it was ​acquired by eBay for $1.5 billion in 2002.

PayPal continues to prepare itself for its imminent future as an independent company.

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The digital payments platform announced on Thursday it intends to trade as a standalone company on the Nasdaq stock exchange under the ticker symbol, "PYPL."

PayPal's current parent company, eBay, already trades under the company name on the Nasdaq.

EBay confirmed plans to spin of its mobile payments subsidiary into a separate publicly traded company last September following months of speculation -- much of which came as a result of some very public criticism from shareholder and prominent financier Carl Icahn.

At the time, the terms of the split specified eBay CEO John Donahoe would step down as chief executive and join one or both of the boards of the two new companies. Devin Wenig, acting as president of the eBay Marketplaces unit, would step up as chief executive. Newly hired group president of enterprise growth at American Express Dan Schulman will become CEO of PayPal.

Schulman, PayPal president and currently referred to as "CEO Designee," elaborated further in prepared remarks on Thursday, hinting at a refocused business strategy that includes "a unique two-sided global network that brings consumers and retailers together."

"We'll deliver capabilities, services, and platforms that are technology and payment agnostic, so that our solutions work the way our customers want and need them to,"Schulman promised. "We'll provide tools that enable developers and innovators to build next generation apps and invent new business models."

Founded in 1998, the San Jose, Calif.-based company originally traded under the PYPL ticker symbol before it was acquired by eBay for $1.5 billion in 2002.

PayPal boasted in Thursday's announcement that it has handled nearly 18 billion transactions, processing more than $1 trillion in payments to date.


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