Dan Gallagher
speaker
617 appearances
15 recordings
1 series
first heard Sep 2017
last heard Nov 2019
Dan Gallagher’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Why the StubHub Sale Won't Solve All of EBay's Problems · 26 Nov 2019
podcast
eBay had been struggling for a while, mostly because...
most of the business is still marketplace, you know, the e-commerce business.
And that's not been growing well, especially against all this competition from Amazon.
So the stock hadn't been doing well.
And so two activist investors earlier this year
Elliott Management and Starboard both came into the stock roughly around the same time, even though they weren't coordinated with each other.
And the Wall Street Journal reported that, broke that news in January.
But they came in and at least Elliott kind of made its issues public in the sense of feeling that eBay needed to divest itself of StubHub and the classifieds business and focus on e-commerce and
free up some cash.
And so that's kind of over the last year, I think eBay's been kind of slowly getting at, you know, looking at this and they found somebody to buy it.
Honestly, no, because all selling StubHub does is
Essentially, from the standpoint of people who felt eBay's management team was distracted running an e commerce business and essentially a ticket reseller, you know, selling sub hub could theoretically help the management team focus more on on the market core marketplace business.
So, you know, optimistically, if that happens, and they find, you know, new ways to grow marketplace, maybe that's good.
But selling StubHub on its own doesn't really change anything from that dynamic.
It does give eBay an influx of cash.
Probably a lot of that's going to go to buybacks just because that's kind of how these things tend to work.
And also, even $4 billion sounds like a lot.
Is there something they could buy that's going to put them anywhere near the scale of Amazon?
It's hard to see that.
Yeah.
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