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When I recently interviewed Newmark, I asked about the controversial and secretive relationship between Craigslist and it's largest outside investor eBay. The direct and down-to-earth Newmark was clear that he hadn't wanted to sell off 28% of the company, but if it had to be done, he was glad it went to eBay, a company with "shared values." The relationship between the two is not quite so collegial today.
Yahoo Finance [finance.yahoo.com]
Shouldn't you be posting this as a quote since it came directly from another sources?
That was, more or less, breaking news... here's a more formal article on the matter:
SAN JOSE, Calif. (AP) -- In a move that pits two of the Internet's most popular sites against each other, EBay Inc. sued Craigslist on Tuesday, alleging the classifieds company unfairly tried to dilute the online auctioneer's stake in it.
EBay (EBAY, Fortune 500) purchased a 28% stake in privately-held Craigslist in 2004.
But in January, eBay says, Craigslist's board, consisting of founder Craig Newmark and Chief Executive Jim Buckmaster, unilaterally acted to dilute eBay's economic interest in Craigslist by more than 10%.
Craigslist spokeswoman Susan MacTavish Best said the company would likely comment on the lawsuit late Tuesday on its blog.
CNN Money [money.cnn.com]
San Jose-based eBay made $7.7 billion in revenue in 2007 and has 279 million registered users.
Reporters keep repeating this figure or similar figures in articles. What they should say is eBay has 279 million registrations. Some individuals have multiple registrations.
And even still there is no indication of how many of those 279 million are active or have been in the past month, 6 months, etc.
To be perfectly clear, Ebay’s stake in craigslist has not been unfairly diluted as they have claimed.
Seems bizarre that ebay would make this move without even communicating to craigslist about it. Nice biz partner!
I bet ebay want a bigger pieces of CraigsList and all the money potential that CraigsList could have. But CraigsList said no ... that made them upset.
But, I had NO IDEA there was such an anti-ebay movement out there. Reading the comments on the craigslist blog post was interesting.
Fee-bay, that's funny.
joined:Oct 25, 2005
joined:Dec 29, 2003
joined:Dec 29, 2003
selling it for some $1 billion would have been better than shutting it down ;)
$1 billion would have been better
Maybe, if i could get the satisfaction of selling to Google or someone else that ebay could not bully around. Other than that it simply would not be worth it. Some things are worth much much more than money, Mr. Newmark was lucky enough to discover that.