In 2018, eBay (NASDAQ: EBAY) announced it would part ways with its former subsidiary PayPal (NASDAQ: PYPL) and transition all of its digital payments to the smaller Dutch company Adyen (OTC: ADYE.Y) over the ensuing five years. That announcement blindsided investors who had assumed eBay would remain PayPal's steadfast ally after it spun off its payments subsidiary as an independent company in 2015. In 2022, PayPal's growth continued to decelerate as inflation, the Russia-Ukraine war, and other macro headwinds curbed consumer spending.