Activist investor Carl Icahn switched his entire equity stake in eBay for equal number of shares in Paypal Holdings Inc (NASDAQ:PYPL) during the third quarter, SEC filings showed on Monday. Icahn sold 46.3 million eBay shares and posted the same number of shares in PayPal.
PayPal completed its spinoff from eBay in July. Icahn, who now holds 3.8% in PayPal, had since last year, aggressively pushed for eBay to spin off PayPal. The stock soared more than 11% the day it began trading, but since then, has struggled to maintain the upward momentum.
Icahn is known for first acquiring large stakes in companies, and then pushing for management changes. He also reported a 1.36 million share stake in AIG as of September 30; just before he started pressuring the insurer to split into three entities.