Ebay ‘talks’ to PayPal for $20M, but PayPal denies deal
Ebay, the e-commerce website that is now owned by PayPal, has been in talks with PayPal for the purchase of $20 million, a source close to the talks told Business Insider.
The company, which has been struggling with slowing growth and low user engagement, has made some moves to improve its user experience, but is still struggling to attract users.
This week, the company added a new feature called “Buy Now” which allows users to place an order on Ebay.
This feature was announced in the company’s quarterly earnings call and can be found on the company website.
The new feature allows customers to place a $20 deposit for a product and wait for it to arrive.
The PayPal representative who spoke to Business Insider declined to provide further details about the transaction.
PayPal declined to comment, and Ebay did not respond to a request for comment.
The acquisition will increase Ebay’s user base from 50 million to around 50 million, according to a report by DigiTimes, which reported that the acquisition could cost $30 million.
This comes just months after PayPal CEO Peter Thiel took a stake in the online retailer.
Ebay had around 30 million active users when it launched in October, according the report.
This article has been updated to reflect the fact that the transaction is not for $10 million, but for $30.