Billionaire activist investor Carl Icahn has sold his equity stake in eBay. Icahn exchanged his eBay shares for an equal number of shares in PayPal Holdings Inc.
Regulatory filings showed on Monday that Icahn sold his stake of 46.3 million shares in eBay and reported the same number of shares in PayPal, which completed its spinoff from eBay in mid-July.
Icahn owns 3.8% of PayPal as of September 30.
The famed investor pushed for eBay to spin off Paypal in 2014. He back off the request in April of last year. eBay directors eventually announced that they would spin off the payments platform after completing a six-month internal study.
During his Q3 filings with the SEC the billionaire investor also revealed a new 1.36% stake in American International Group (AIG). His share purchase arrived ahead of his public attempts to split the agency into three companies.
In a letter to AIG CEO Peter Hancock in late October, Icahn blasted AIG as “too big to succeed,” a riff on the popular “too big to fail” phrase.
On October 28, 2015, Carl Icahn announced that he had taken a “large” position in AIG. His share holdings may have increased after the September disclosure period.