"Part of his motivation to see PayPal spun-off is because he thinks that by separating it from eBay, PayPal will be able to innovate faster and get things done faster."
Yeah, that's not happening at this stage. This just seems like a desperate cry for attention by a company that is losing market share.
Lol, read up on who icahn is. He does this frequently, is a "corporate raider" not so much an activist.