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Shares in online auctioneer QXL Ricardo hit an all time low yesterday, making it the first British member of an elite gang of dotcoms which have seen their stock lose 99 per cent of their value.

If you'd bought £1,000 worth of QXL shares at their peak they now be worth £7.50. The stock slumped by 24 per cent yesterday to 6.5p - eight months ago they were £8.00.

The loss making firm had been valued up around £3 billion at the height of the dotcom market, but is now worth £62 million. This is quite impressive because though there are varying estimates about how much cash its got left to burn, its got at least £65 million. But when you've got a burn rate of £15 million a month... ®

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