Spin-off pushes ebay's share price up 8.5%

Summary: EBay announced in Tuesday that it will split the mobile payment service PayPal next year, the news released after the market reacted positively, and its shares rose 8.5% in the trading before the opening. Activist investors, billionaire Icahn Carl Icahn, pressured ebay a few months ago

ebay, which announced in Tuesday that it would split the mobile payment service in the next year, sparked a positive reaction after the news was released, with shares soaring 8.5% in the run-up to the market.

The activist investor, billionaire Icahn Carl Icahn, pressured ebay a few months ago to split the PayPal business. After ebay's shares rose, the book value of Icahn's shares increased by about 138 million dollars.

The Icahn Associates is ebay's sixth-largest shareholder, holding 308 million shares of ebay, with a stake of about 2.5%.

Ebay shares surged 8.5% to 57.14 dollars in the trading before the opening in Tuesday, and Icahn's share of the shares increased to $1.76 billion. At the close of Monday, his stake was worth 1.622 billion dollars.

As of this article, ebay shares rose 7.06% in early trading, with a corresponding share price of 56.38 U.S. dollars. (Lin Jingdong)