Tag: paypal
Qanon

Patreon Banned QAnon — But These Platforms Still Churn Money For Its Creators

Reprinted with permission from MediaMatters

Patreon finally banned creators advancing QAnon misinformation from its platform. Now, those same creators are using SubscribeStar, PayPal, and GoFundMe to monetize the violence-linked conspiracy theory, despite the fact that their content appears to violate these platforms' terms of use as well.

The QAnon conspiracy theory is centered around claims that President Donald Trump is secretly fighting against members of the "deep state" and "pedophiles," who will supposedly be rounded up and executed soon. These threats and calls for violence targeting Trump's political opponents are often wildly anti-Semitic. This unfounded conspiracy theory promoting imminent violence against the president's enemies has been classified by the FBI as a domestic terror threat and has been directly linked to multiple killings, a kidnapping, and even terrorism.

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eBay To Spin Off PayPal Into Standalone Company

eBay To Spin Off PayPal Into Standalone Company

New York (AFP) – U.S. online auction giant eBay on Tuesday announced plans to spin off its PayPal unit, a move designed to help it compete better in the fast-moving online payments segment.

The plan, to take effect next year, comes after months of pressure from activist investor Carl Icahn, who had assailed eBay for poor management and claimed that keeping eBay tied with PayPal depressed the value of both units.

An eBay statement said that a board review concluded that “a changing competitive landscape creates enormous opportunities for eBay and PayPal” and that “separation will create sharper strategic focus and better position each business to capitalize on those growth opportunities as independent companies.”

Company president and chief executive John Donahoe said that “for more than a decade eBay and PayPal have mutually benefited from being part of one company, creating substantial shareholder value.

“However, a thorough strategic review with our board shows that keeping eBay and PayPal together beyond 2015 clearly becomes less advantageous to each business strategically and competitively.”

The move comes with the online payments segment facing new challenges from the likes of Apple, which introduced a mobile payments platform using its iPhones, and newcomers such as Square.

“The pace of industry change and innovation in commerce and payments requires maximum flexibility to stay competitive and drive global leadership,” the eBay statement said.

Current eBay shareholders will receive stock in the future PayPal in proportion to their current holdings, the company said in a statement.

The split will give shareholders “more targeted investment opportunities” and will increase the value of the company over the long term, the statement said.

PayPal accounted for 41 percent of eBay’s revenues last year and has more than 152 million active users.

Donahue and chief financial officer Bob Swan will lead the transition of both businesses, the statement said. But they will not hold executive management roles in the two new companies.

The “new” eBay will be led by Devin Wenig, current president of eBay Marketplaces.

The independent PayPal will be headed by Dan Schulman, who comes from American Express after holding top jobs at AT&T, Priceline, and Virgin Mobile.

eBay acquired PayPal in 2002 for roughly $1.5 billion in shares, integrating the payment service that had already been widely used for online auctions.

AFP Photo/Justin Sullivan

Restaurant Checks Are Going Mobile Too

Restaurant Checks Are Going Mobile Too

Lots of us use services like Open Table when we travel to make restaurant reservations. Open Table is now expanding their mobile payment option from their test market in San Francisco to New York, and to 20 more cities by the end of year, according to TechCrunch.  “The service competes with similar efforts from a number of companies ranging from smaller start-ups to payment giants like PayPal, all of which have been experimenting with mobile table-side payments in restaurants for much longer. In some cases, those payments are accepted via an app installed on consumers’ smartphones, while in other cases, the business offers a tablet at the table that may also include the restaurant’s menus and promotions, or even games to play while waiting for your food.”

Photo: Hellenser via Flickr

eBay Ends Icahn Dispute With Board Appointment

eBay Ends Icahn Dispute With Board Appointment

New York (AFP) – Online retail giant eBay said Thursday it had reached a deal with activist investor Carl Icahn, who had demanded a spinoff of the payment division PayPal.

Icahn, who had been leading a campaign to split up the eCommerce giant, reached a deal with eBay that calls for the naming of a new independent member of the board of directors.

The company said it agreed to Icahn’s suggestion to appoint former AT&T chairman and chief executive David Dorman as an independent director.

The deal ends a months-old dispute with Icahn, who had assailed eBay for poor management and claimed that keeping eBay tied with PayPal depressed the value of both units.

“We are very pleased to have reached this agreement with Mr. Icahn, settling proxy issues and enabling our board and management team to focus our full attention on a goal every shareholder agrees on — growing PayPal and eBay, and delivering sustainable shareholder value,” said eBay’s president and chief executive John Donahoe.

“As a result of our conversations, it became clear that Carl and I strongly agree on the potential of PayPal and our company. I respect Carl’s willingness to work together to drive sustainable shareholder value today and into the future. His record shows that he has done this with many other companies in the past.”

Icahn said in a Twitter message: “Extremely pleased about agreement with $EBAY. Believe it’s a win-win for ALL shareholders.”

The billionaire investor has a long history of taking positions in companies that give him the leverage to force changes in management or provide dividends to shareholders.

The news of the Icahn campaign began in January, when the company notified shareholders that the corporate raider had called for the spinoff of PayPal.

Icahn holds only about two percent of eBay shares but he has a reputation that magnifies his influence. He sent several open letters to eBay shareholders criticizing management and calling for a shakeup on the board.

In a March 12 letter, Icahn launched a scathing attack, complaining of “a complete and utter breakdown in the system of checks and balances” and arguing that eBay sold off its Skype unit prematurely and that “$4 billion of upside was lost.”

“While the board and its advisers may try to use tricks and technicalities to keep documentary evidence of malfeasance out of the hands of stockholders, I believe that ultimately truth will win out,” he wrote.

In recent months Icahn has also taken aim at Apple, claiming that the tech giant should return more to shareholders.

But in February, he stepped back and said Apple had accomplished much of what he was seeking with some $14 billion in share buybacks.

Icahn is ranked by Forbes magazine as one of the world’s wealthiest individuals with a net worth of some $23 billion.

AFP Photo Brian Harkin