"PayPal is the gem," stated Icahn. Icahn said he will engage in a proxy fight, if necessary, to split off PayPal. Gearing up for a fight In a proxy battle, activists like Icahn attempt to persuade shareholders to use their individual proxy votes to oppose top management. Icahn is a battle-tested veteran of corporate power struggles. Recently, he challenged Apple, Dell, and Netflix before targeting eBay. Splitting off PayPal is not a new idea. Such a proposal has been considered and rejected before. Analysts are divided about whether a spinoff would be a net positive for shareholders.