Dimon famously didn’t sell any of his stock in the bank for most of the 20 years he’s been in charge of JPMorgan. But that changed at the end of 2023, when Dimon announced that he was selling 1 million shares in the bank, worth around $180 million. He also sold around $233 million of stock last February, too.

He still owns about 6.2 million shares in the bank, worth around $1.9 billion. The shares are held by family trusts, as well as by himself directly and his wife.

Depop has been sold to eBay for $1.2bn, marking a 25 per cent discount to the price paid five years ago by Etsy.

Etsy acquired the London-founded second-hand fashion platform for $1.6bn in 2021 at the height of pandemic-era ecommerce growth. The resale comes as Etsy refocuses on its core handmade and vintage marketplace.

Founded in 2011 by English-Italian entrepreneur Simon Beckerman, Depop built a strong following among younger consumers seeking sustainable and affordable fashion. The platform counted roughly seven million active buyers at the end of last year, nearly 90 per cent of whom were under 34.

For eBay, the deal represents an attempt to deepen its appeal with Gen Z shoppers and strengthen its position in the fast-growing resale segment. Fashion accounts for more than $10bn of eBay’s annual gross merchandise volumes, with second-hand clothing a key driver of growth.

Jamie Iannone, chief executive of eBay, said Depop would benefit from the group’s scale and operational capabilities. “We are confident that as part of eBay, Depop will be well positioned for long-term growth,” he said.

However, analysts suggest the acquisition is partly defensive. Aliyah Siddika of GlobalData described the transaction as “as much about defence as growth”, noting Depop faces intense competition from rivals such as Vinted.

Etsy shares rose nearly 10 per cent after the announcement, reflecting investor support for the decision to exit a business that has delivered lower profitability than its core operations. Major shareholders in Etsy include BlackRock, Goldman Sachs and activist investor Elliott.

Depop is expected to retain its brand and operate with a degree of autonomy under eBay’s ownership, subject to regulatory approval. The all-cash transaction is scheduled to close in the second quarter of 2026.

Peter Semple, Depop’s chief executive, said the deal marked a new chapter. “This transaction is a testament to the growth we have delivered and the strength of our brand and community,” he said.

The sale underscores the shifting valuations within ecommerce, as pandemic-era premiums give way to a more measured approach to growth and profitability.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

The Federal Reserve’s preferred inflation gauge remained elevated in December as price pressures continued to pose a challenge for consumers.

The Commerce Department on Friday reported that the personal consumption expenditures (PCE) index rose 0.4% in December on a monthly basis and is up 2.9% from a year ago. Those figures were both slightly hotter than the estimate of LSEG economists, who predicted 0.3% and 2.8%, respectively.

Core PCE, which excludes volatile measurements of food and energy prices, was up 0.4% on a monthly basis and rose 3% year over year. Both figures were hotter than the expectations of economists polled by LSEG, who estimated the gauges would rise 0.3% and 2.9%, respectively.

Federal Reserve policymakers are focusing on the PCE headline figure as they try to bring inflation back to their long-run target of 2%, though they view core data as a better indicator of inflation.

Headline PCE has trended up to 2.9% after readings of 2.8% in November and 2.7% in October. Core PCE readings were 2.8% or 2.9% dating back to May before it reached 3% in December.

This is a developing story about the December PCE inflation report. Please check back for updates.

The U.S. economy grew at a much slower than expected pace in the fourth quarter, according to new data released on Wednesday.

The Commerce Department’s Bureau of Economic Analysis (BEA) released its advance estimate for fourth quarter gross domestic product (GDP), which found the U.S. economy grew at an annual rate of 1.4% in the fourth quarter, which runs from October through December.

Economists surveyed by LSEG had expected the economy to grow at a 3% rate in the quarter. The fourth quarter’s 1.4% growth was slower than the 4.4% GDP growth recorded in the third quarter.

This is a developing story. Please check back for updates.