PayPal is a quick and easy way for businesses and entrepreneurs to accept credit card payments online, and a popular way for people to send money to each other on the Internet. PayPal enables any business or consumer with an email address to securely, conveniently, and cost-effectively send and receive these payments.
The PayPal network extends the existing financial infrastructure of bank accounts and credit cards and creates a global payment solution. PayPal products are ideally suited for small businesses, online merchants, individuals and others currently undeserved by traditional payment mechanisms.
eBay Completes PayPal Acquisition SAN JOSE, Calif.--(BUSINESS WIRE)--Oct. 3, 2002--eBay Inc., the world's online marketplace (Nasdaq:EBAY) (www.ebay.com), today completed its previously announced acquisition of PayPal, Inc. (Nasdaq:PYPL) (www.paypal.com), the global payments platform. At today's meeting of PayPal stockholders, the transaction was approved by holders of approximately 65% of the outstanding shares of PayPal common stock representing more than 99% of the shares voting. In addition, Peter Thiel announced today that he has resigned as PayPal's CEO. Matt Bannick, eBay's senior vice president, global online payments, will assume all of Thiel's responsibilities.
About eBay
eBay is the world's online marketplace(TM). Founded in 1995, eBay created a powerful platform for the sale of goods and services by a passionate community of individuals and businesses. On any given day, there are millions of items across thousands of categories for sale on eBay through auction or fixed price formats. eBay enables trade on a local, national and international basis with customized sites in markets around the world.
About PayPal
PayPal enables any business or consumer with email to send and receive Internet payments securely, conveniently and cost-effectively. PayPal's network builds on the existing financial infrastructure of bank accounts and credit cards to create a global payment system. Based in Mountain View, California, PayPal is available to users in 38 countries including the United States.