On September 1st, 1999, Ty, Inc., the manufacturer of Beanie Babies, formally announced that all Beanie Babies would be retired at the end of 1999. By 1999, Ty, Inc. had exceeded $1 billion in annual sales from Beanie Babies, and at a peak of the craze, Beanie Babies accounted for a staggering 10% of all sales on eBay. Following the announcement, a public outcry broke out, with notable Beanie Baby communities like BeanieNation.com being forced into a buying frenzy. In the days following the announcement, the market for the stuffed toys exploded, with rare Beanie Babies being traded for as much as $5000, and the Princess Diana bear being listed for thousands of dollars by optimistic "investors". Ultimately, the "retirement" announcement backfired, as instead of maintaining their value through scarcity, it caused the collectors to flood the market with their hoards, and by early 2000, supply had vastly outpaced demand, and Beanie Babies became valueless.
