c/technology · by heyWhatsay@slrpnk.net · 230d

Newegg stock falls 17.7% after owner is detained by anti-corruption authorities in China

https://www.tomshardware.com/tech-industry/newegg-stock-price-falls-17-7-percent-after-chinese-owner-is-detained-by-anti-corruption-authorities-company-insists-its-operating-normally-and-in-accordance-with-the-laws

150 points · 8 comments · view on lemmy.world

8 Comments

jqubed@lemmy.world · 51 pts · 230d (3 replies)

I didn’t know it was owned by a Chinese company, nor publicly traded

Newegg was established in California by Fred Chang in 2001, but Lianluo acquired a majority stake in the privately held company in 2016. By 2021, it had merged with Beijing-based Lianluo Smart Limited, with the company being renamed Newegg Commerce, Inc., finally taking it public. At the moment, Lianluo currently owns 54.5% of Newegg.

Montagge@lemmy.zip · 79 pts · 230d (2 replies)

It strangely happened just before Newegg kinda went to shit

snooggums@piefed.world · 34 pts · 230d