UPDATE: eBay (EBAY) Sells 28.4% of Craigslist Equity Stake Back to Craigslist

(Updated - June 19, 2015 11:35 AM EDT)

eBay (NASDAQ: EBAY) sells 28.4% of Craigslist equity stake back to Craigslist, according to Bloomberg.

UPDATE - eBay, which bought the Criagslist stake back in 2004, said all pending litigation between the two companies will be dismissed.

According to WorthOfWeb.com, Craigslist is valued at nearly $3 billion, which potentially values eBay's stake at around $850 million. However, the figures are pure estimates given that Craigslist is a privately-held company.

Reports had Craigslist valued at $5 billion back in 2008, though that was before the financial crisis.

Shares of eBay are up 1 percent.

Metrics on WorthOfWeb's valuation methods can be found here.

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