San Jose, CA - eBay Inc admitted today that it had put itself on the market following a unanimous decision by the board to step down to pursue philanthropic enterprises.
Ebay's share price rallied by over 18% with the news, but dropped and steadied at +4% when it was realised that company had put itself up for auction on its own website.
The company, which includes eBay, PayPal, Skype, Shopping.com and several other brands, is the most expensive item ever offered for sale on eBay. Its entry on the site is accompanied by a full set of accounts and a portfolio of photographs of the company's assets including buildings, several aircraft and fleets of motor vehicles.
Ebay posted revenue of $8.54 billion for the year ending December 2008, but its fourth quarter results were down significantly on the year before, primarily due to exchange rate fluctuations, and this drop was thought to account for the opening bid of $75.00. At the time of going to press the leading bid was $475,212 which was not thought to meet the item's minimum.