If you aren't a large scale merchant then PayPal can be very useful to you for recieving payments at low cost, although these days there are quite a few alterna

If you aren't a large scale merchant then PayPal can be very useful to you for recieving payments at low cost, although these days there are quite a few alternatives. However that market doesn't seem to scale up to a market value of $360bn ("greater than Morgan Stanley and Goldman Sachs combined" according to the article). Were the investors crazy? Can someone explain the thinking which supported that kind of valuation?