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  "documentTitle": "eBay Inc. (EBAY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Peter A. Feld",
  "documentKindSlug": "shareholder-letter",
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  "presentationDate": "2020-02-04 00:00:00",
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  "notes": "The slide uses a comparison table to frame the 'villain' (underperformance) and proposes a solution (separation of Classifieds).",
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      "text": "In order to achieve the optimal outcome, we believe Classifieds must be separated, and a more comprehensive and aggressive operating plan must be put in place to drive profitable growth in the core Marketplace business.",
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      "text": "Total Shareholder Return: (132%)",
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      "kind": "paragraph",
      "text": "Despite the lengthy duration of the process, we were pleased to see eBay announce the sale of StubHub... However, we believe the logical and needed next step is for eBay to separate its Classifieds business.",
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      "kind": "paragraph",
      "text": "As we have discussed with you, we have tremendous respect for eBay and its role as a pioneer in the e-commerce and online marketplace industries.",
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      "kind": "paragraph",
      "text": "We recognize that eBay is currently experiencing a period of ongoing change... However, we have been disappointed with the speed and lack of urgency with which the Operating and Strategic Reviews have been conducted.",
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      "kind": "paragraph",
      "text": "Frustration exists across the shareholder base as eBay's share price has drastically underperformed the broader markets over any time frame since the spin-off of PayPal, Inc. (\"PayPal\") in 2015.",
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      "text": "Total Shareholder Return Since PayPal Spin-Off table showing performance vs indices",
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