US Stock Market Move | eBay(EBAY.US) rose more than 4% while GameStop Corp. Class A plans to acquire approximately $5.6 billion.
On Monday, eBay (EBAY.US) surged nearly 13% in pre-market trading at one point, and as of the time of writing, it was up over 4% at $108.93.
On Monday, eBay (EBAY.US) surged nearly 13% in pre-market trading, and as of the time of writing, it was up over 4% at $108.93 per share. In terms of news, on May 3, American video game retailer GameStop Corp. Class A (GameStop) officially announced its intention to acquire eBay on its own initiative, planning to acquire the company for approximately $56 billion in order to turn eBay into a major e-commerce player that can compete with Amazon.com, Inc.
As a global leader in video game distribution, GameStop Corp. Class A (GME.US) stated in its official announcement that since February 4 of this year, the company has continuously increased its stake in eBay, with the current stake reaching 5%. It is worth noting that GameStop Corp. Class A's current market value is only one-quarter of eBay's. As of the close on May 1, GameStop Corp. Class A's market value was approximately $12 billion, while eBay's market value was close to $46 billion.
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