Everybody expected PayPal (NASDAQ:PYPL) to be worth more than eBay following its split with its parent company (NASDAQ:EBAY), but not that much. After a short period of trading on a “when issued” basis, PayPal is now officially an independent company. On its first day of trading, shares opened at $41.63, 8.3 percent above Friday’s last temporary closing price before its public introduction.
With shares trading at $41.63, it values the company at $50.8 billion, above eBay’s current intraday valuation of $34.5 billion. PayPal shares are now trading at $40.21 minutes after NASDAQ’s opening bell. Shares are still up 4.74 percent even with this small market correction.
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