Social networking giant Facebook (NASDAQ:FB) has poached some high-level talent from eBay's (NASDAQ:EBAY) PayPal division. PayPal President David Marcus is leaving the company to lead messaging products at Facebook. Marcus joined eBay three years ago and has helped develop a mobile payment strategy.
PayPal still has some work to do, though, as it still needs to integrate its Braintree acquisition and hasn't accomplished its goal of invading physical retail. Still, Marcus is looking forward to working on products again, as he prefers that to executive management.
While the seemingly obvious connection would be that Marcus could help Facebook monetize its Messenger service (which now has 200 million monthly active users), reports suggest that was not the rationale behind the hire. Rival messaging services like Tencent's WeChat have integrated payments, which has proven successful.
Facebook also accidentally unveiled its latest shot at the ephemeral messaging market with Slingshot. This product comes shortly after Facebook killed Poke, its previous attempt to take down Snapchat.
In this segment of Tech Teardown, Erin Kennedy discusses Facebook's hire with Evan Niu, CFA.
Your credit card may soon be completely worthless
The plastic in your wallet is about to go the way of the typewriter, the VCR, and the 8-track tape player. When it does, a handful of investors could stand to get very rich. You can join them -- but you must act now. An eye-opening new presentation reveals the full story on why your credit card is about to be worthless -- and highlights one little-known company sitting at the epicenter of an earth-shaking movement that could hand early investors the kind of profits we haven't seen since the dot-com days. Click here to watch this stunning video.
Erin Kennedy has no position in any stocks mentioned. Evan Niu, CFA, has options on Facebook. The Motley Fool recommends and owns shares of eBay and Facebook. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.