NEW YORK--(BUSINESS WIRE)--Elliott Management Corporation today released the following statement on eBay’s fourth quarter 2018 earnings:
“eBay's fourth quarter earnings provided another example of why the Company needs to significantly improve operational execution and focus on its core Marketplace business. Despite a rapidly growing e-commerce market, eBay once again lowered Marketplace growth expectations to a paltry 1% for 2019.
It is clear eBay needs urgent change including a holistic operational review which will produce lasting efficiencies and improved execution. Without question, this focus must include a strategic review that evaluates a separation of Stubhub and Classifieds, which is even more necessary given an increasingly disappointing Marketplace outlook.
These steps are detailed in our plan from our letter, and we look forward to working collaboratively with the Company on improving eBay for all stakeholders.”
Elliott Management Corporation manages two multi-strategy hedge funds which combined have more than $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest hedge funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.