Newegg stock falls 17.7% after owner is detained by anti-corruption authorities in China
4mon 21d ago by slrpnk.net/u/heyWhatsay in technology@lemmy.zip from www.tomshardware.com
The detention of Newegg's majority shareholder in China has caused the market to panic.
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.
It strangely happened just before Newegg kinda went to shit
strangely
Did newegg fall off maybe 10 years ago? I remember remembering them back in the day but haven't thought of that site in a long time.
I buy server drives from them still. Well I did. Before everything kind of went a little crazy. But yeah they are a shadow of what they once were.
They've been shit since they got bought out.
I've only bought from them twice since then, and both times have been awful.
Badegg
Once you Newegg, you know.
Fuck Newegg.