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PayPal Market Cap Hits $50bn on First Day of Market Comeback

Online payments giant PayPal has returned to the market, following its spinoff from its former parent company eBay. On the first day of trading the market capitalization hit almost $50 billion, compared to eBay’s $35 billion.

PayPal started trading on the Nasdaq Monday under the ticker “PYPL,” the original one it had before was acquired by eBay in 2002.

PayPal’s shares gained 5.65 percent to $40.56 by 8:08pm GMT, while eBay rose 2.51 percent to $28.6. The latter continues to trade under the symbol EBAY on the Nasdaq.

Both companies will benefit from continuing their development separately, the head of PayPal Russia, Vladimir Malugin told RT via e-mail on Monday. “EBay gets an opportunity to focus on trade and PayPal – on payments”. He added that as a separate company, PayPal will be able to be more flexible and adapt to the changing needs of the customers more quickly.

By Nutsa Galumashvili

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