Thread by @jefffluhr

1/ Baller move: Kudos to Jesse Cohn of Elliott Management and Peter Feld of Starboard Value for lighting a fire at @ebay.

2/ As a stand alone business, @StubHub will be able to innovate again.

3/ Top talent: #standalonestubhub will attract top engineering and product talent.

4/ Empowered employees: #standalonestubhub employees will feel empowered to have a real impact on the valuation of a more focused company instead of feeling powerless to move the needle of the much larger eBay.

5/ StubHub early days: When we started StubHub in 2000, we created an exciting work environment and attracted top talent. Case in point: look what @jeffiel has accomplished with @twilio!!

6/ Great people wanted to work at StubHub because we were innovative, collaborative, and bold which led to a positive work environment and a strong culture. (It helped that working in the live sports and entertainment business was super fun!)

7/ Thank you to the early StubHub team for creating access and choice for the fans! @colinevans, Noah Goldberg, @jtwhelan00, @jeffiel, @skernes, @janesmike, @NasosTopakas, Brett Robertson, @noahsark, @davidfisch, @DaniMaged, @ray_a_elias, @jenoneal, Eun Nok Sohn.

8/ When we sold StubHub to eBay: We hoped for cross promotion of inventory and a bigger balance sheet. And it worked - StubHub flourished for several years as part of eBay.

9/ eBay’s balance sheet was an advantage for big bets like the renewal of the @MLB deal. Ebay was able to leverage the strong foundation we built to continue StubHub’s rapid growth.

10/ Synergies plateaued: But now, the company’s long-term synergies I’d hoped for have been dwarfed by the downsides of being in the shadows of a much larger company.

11/ Competition: In the last few years, @VividSeats, @SeatGeek, @GametimeUnited have upped their game. These smaller companies have innovated more rapidly and taken more risks. StubHub’s slow shift to mobile created opportunities for startups.

12/ Bold Moves: #standalonestubhub will establish itself as the most innovative company in the space and will be free to make bold moves and take risks: ship a true bid-ask market, align with rights holders to drive more primary ticket sales and prioritize global expansion.

13/ eBay benefits: Selling or spinning off @StubHub and the classifieds business will allow ebay to focus on its core business and get back to basics.

14/ eBay focuses: @ebay needs to focus on areas where @amazon isn’t dominant: used goods, one-of-a-kind items, refurbished merchandise, handcrafted goods, custom furnishings, collectibles, second-hand clothing, etc.

15/ Just look at the fabulous performance of @etsy and the amazing work of @jgsilverman.

16/ Well done @devinwenig, and the Board of @eBay on adding Jesse Cohn to the Board and moving forward on the strategic review. Excited to watch this unfold.