This excerpt taken from the EBAY 10-Q filed Jul 28, 2006.
Note 8 Subsequent Event
During the third quarter of 2006, eBays Board of Directors authorized the repurchase of up to $2.0 billion of the companys common stock within the next two years. The stock repurchase program may be limited or terminated at any time without prior notice. Stock repurchases under this program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate and will be funded using the companys working capital. The timing and actual number of shares repurchased will depend on a variety of factors including corporate and regulatory requirements, price and other market conditions. The program will be designed to comply with the volume, timing and other limitations set forth in Rule 10b-18 under the Securities Exchange Act of 1934.