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Now officially split from eBay, PayPal moves on to Nasdaq

PayPal's opening estimates ranged from $43 to $48 per share, although early morning trading settled closer to $40 per share.
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Written by Rachel King, Staff Writer on

After years of a tumultuous relationship, PayPal is an independent company once again.

The digital payments provider celebrated its rediscovered freedom early on Monday morning as it began trading on the Nasdaq stock exchange under its old ticker symbol, "PYPL."

PayPal finalized its split from parent company eBay on Friday, July 17 after obtaining approval from the European Central Bank.

Opening estimates ranged from $43 to $48 per share, although early morning trading settled closer to $40 per share. Ebay shares were also up two percent.

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.

PayPal has since made a number of public announcements and moves to strengthen its brand in the eyes of both shareholders and consumers.

In May, PayPal said it will trade as a standalone company on the Nasdaq stock exchange under the ticker symbol, "PYPL."

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.

During a media presentation this spring, PayPal executives promised the tech giant is building up to a full suite of next-generation services for consumers and merchants alike, described to be an "operating system for digital commerce."

PayPal CEO and president Dan Schulman reiterated in a blog post on Monday amid the Wall Street debut that the PayPal will have "a singular focus on digital payments, deep commitment to customer service, a drive for innovation and a technology agnostic platform that creates value for our consumers and merchants online, in apps, and increasingly in stores."

Most recently, PayPal acquired money transfer provider Xoom in a $890 million deal. PayPal intends to use Xoom's resources to broaden its own range of services and global customer base.

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