Elliott pushes for changes at eBay
By Associated Press
Jan 22, 2019 10:37 AM CST
FILE - This Jan. 14, 2015, file photo, shows signage at the entrance to eBay's headquarters in San Jose, Calif. An activist shareholder is telling eBay that restructuring its business could help more than double its stock price. Investment firm Elliott Management, which owns more than 4 percent of eBay...   (Associated Press)

NEW YORK (AP) — An activist shareholder said Tuesday that eBay would be better off without StubHub or its classified ads businesses.

Elliott Management, which owns more than 4 percent of its stock, said in a letter to eBay that if it focused on its online marketplace, the company could double its share price to more than $63 by the end of next year.

Shares of eBay Inc. jumped 8 percent in midday trading.

In a statement from its headquarters in San Jose, California, eBay said it will "carefully review and evaluate Elliott's proposals."

Elliott believes eBay's classifieds business has a potential value of $8 billion to $12 billion, and put StubHub's value between $3.5 billion and $4.5 billion.