Icahn Levels Criticism in Open Letter to eBay Board

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Feb. 24 (Bloomberg) -- Bloomberg “Street Smart” anchor Trish Regan breaks down the details of billionaire investor Carl Icahn’s open letter to eBay’s board on Bloomberg Television’s “In The Loop.”

Urging investors to not only vote for his proposal, but also to change up the board at ebay.

There is an annual meeting this april.

Four board members are up to read he would like to see two of his people.

How is it possible for the current board to engage in any meaningful discussions about long-term shareholder value while at least two board members are directly competing with ebay , one board member is directing that he bases hiring the most talented employees, another board member is funding competitors, and at least two board members appeared to have put their own financial gain in ongoing conflict with their fiduciary responsibilities to stockholders, and the ceo seems to be completely asleep?

Some interesting choice of words there from carl icahn.

He goes on to talk about mark andreessen.

He purchased skype from ebay and then sold it for a big premium.

He mentioned that he has invested in five competitors to paypal, online mobile payment systems.

He points to scott cook, the former ceo of intuit, who also had some conflicts and has, apparently, advised or asked ebay not to hire people from intuit.

There are interesting things in this letter, as well as urging shareholders to vote for his proposal in april.

Tell us a little bit more about this proposal.

You say it is nonbinding.

This would be a nonbinding vote, but it would send a message to management, if shareholders say we like this idea.

This idea of paypal being spun off from ebay so much so that we are willing to vote on this proposal for it.

Again, nonbinding, would not require the company to do it at all, but maybe it would send a message.

I spoke with them must week on "street smart." we talked about this very issue.

Here is a listen.

We look at how ebay and paypal can be most successful.

The board and i continue to believe that the best way is together.

That ebay makes paypal stronger that it makes paypal stronger by helping it grow faster, it provides more data, it provides a strong financial foundation that will ultimately make paypal more successful as part of ebay then separate.

Carl icahn disagreeing quite strongly.

We will hear more at 3:00 p.m. today on "street smart." thank you so much.

Trish regan of "street smart." some of the top stories.

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Herbalife is not commenting.

This text has been automatically generated. It may not be 100% accurate.

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