eBay bought PayPal in October 2002 for $1.5 billion.
Acquisition Details
The acquisition of PayPal by eBay was a significant event in the history of e-commerce. Here's a breakdown:
- Date: October 2002
- Acquirer: eBay
- Acquired: PayPal
- Price: $1.5 billion
- Reason: To make PayPal the official payment provider for eBay users and enhance the online auction experience.
Following the acquisition, PayPal experienced substantial growth, becoming a leading online payment system. It was later spun off from eBay in 2015 and operates as an independent company today.
