PayPal spinoff (2014-2015)
Activist investor Carl Icahn pressured eBay to separate its payments arm PayPal, which then processed a large share of global e-commerce transactions. eBay's board resisted, then capitulated, spinning PayPal off in July 2015 after a fight that included a proxy battle and public letters.
PayPal shares jumped at listing and the spinoff unlocked billions in shareholder value.
eBay was left a smaller, slower-growing marketplace. The split became a template for activist-driven breakups.
Shows eBay's pattern of responding to shareholder and market pressure with large structural changes — the same pressure channeling today's layoffs.
