Join our Waitlist for Expert Advice!

Icahn Blasts eBay Board Members' Conduct in Open Letter The billionaire investor says Marc Andreessen and Scott Cook have both acted in their own interest at the expense of the company's shareholders.

By Benjamin Kabin

Opinions expressed by Entrepreneur contributors are their own.

Carl Icahn via Twitter
Carl Icahn

Billionaire investor Carl Icahn is once again on the offensive, attacking eBay's board of directors in an open letter over what he sees as a conflict of interest.

In the letter, Icahn specifically singles out directors Marc Andreessen and Scott Cook as appearing to be "value driven for themselves, personally profiting while costing eBay stockholders at least $4 billion."

Icahn took Cook to task for his investment and advisor role at payment processing company intuit, a firm Icahn says is eBay's direct competitor. Cook owns nearly $1 billion in Intuit stock. The company has a product called GoPayment that Icahn says is "identical" to PayPal Here.

Related: Billionaire Investor Carl Icahn Drops Campaign to Derail Dell's Takeover Bid

"Is it good for PayPal to have a competitor in the board room gaining insights into its operations, product pipeline and proprietary technologies?" Icahn asks facetiously.

In the letter, the business mogul also questions a deal in which eBay sold its controlling stake of Skype to Andreessen and venture capital firm Silver Lake for $1.9 billion only to see it sold to Microsoft 18 months later for $8.5 billion. Icahn says that $4 billion gain should have gone to eBay's shareholders and not into Andreessen and Silver Lake's pockets.

Related: Bad Karma? PayPal President Reports Stolen Credit Card

"It is very say to us that [eBay CEO] Mr. [John] Donahoe appears to lack awareness about what is going around him on his board and in the marketplace," Icahn added on Monday.

For months, Icahn has insisted that the company split its online auction business from its PayPal payment service to restore credibility in the boardroom.

"We believe corporate governance at Ebay is dysfunctional," Icahn says. "Vote in favor of our precatory proposal in order to send a clear message to the eBay Board that eBay and PayPal must be separated -- NOW."

Related: EBay's 3-Year Comeback and Why PayPal Needs to Move Offline

Benjamin Kabin

Journalist

Benjamin Kabin is a Brooklyn-based technology journalist who specializes in security, startups, venture capital and social media.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

You Have One Month Left to Buy a House, According to Barbara Corcoran. Here's Why.

"If you are planning on waiting a year and seeing where interest rates go, you are out of your mind," Corcoran said.

Business News

Meta Fires Employee Making $400,000 Per Year Over a $25 Meal Voucher Issue

Other staff members were fired for the same reason, per a new report.

Thought Leaders

These 3 Trends Will Change What It Means to Be an Entrepreneur in 2025

Here are three entrepreneurship trends from the new Global Entrepreneurship Monitor report that are changing the landscape for the future.

Business News

These 3 Side Hustles Make the Most Money While Working Fewer Hours, According to a New Survey

The survey also found that having a side hustle doubled as a path to becoming more employable.

Franchise

The McRib Is Back, But Only at Select McDonald's — Here's Where to Find It

This scarcity is nothing new. In 2022, McDonald's announced a "Farewell Tour" for the McRib, suggesting that it might be the last time customers could get their hands on it.

Side Hustle

I Made $14,000 in 1 Week With a Spontaneous Halloween Costume Side Hustle — Here's How

Sabba Keynejad was in art school when he started to refine his entrepreneurial skills.