Facebook (NASDAQ:FB) is poking its nose into the business of Paypal, a provider of payment gateway services. Yes, the company is planning to launch its own payment gateway services sometime during next month. Experts opine that if the testing goes successful, Facebook’s payment gateway services would turn out to be a strong competitor of PayPal, a subsidiary of eBay (NASDAQ:EBAY). While we did trust them with the names of our Aunt and Grandma, are we going to trust them with the details of our credit card and accounts? Given Facebook’s current security levels, this could be considered a joke of the decade! However, not denying the fact that Facebook has the largest number of active users, which of late had proved worthy of its IPO price i.e. $38.
On a side note, Omega Advisors, dumped its entire holding of 3.7 million shares in Facebook. Bad luck to these guys, believe they had sold it just before it had surpassed its IPO price of $38!
To see Facebook’s latest stock price movement, click here (NASDAQ:FB)
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