eBay buys stake in craigslist
16 August 2004
Online auction site eBay has purchased a 25 per cent minority stake in San Francisco-based craigslist.
The online network of classified ads and forums provides local listings for jobs, housing, companionship and used items on websites focused in 45 cities worldwide.
The pre-existing stake has been acquired from a former craigslist employee, who contacted eBay about the sale. eBay and craigslist have chosen not to reveal the identity of the employee or the purchase price paid.
"craigslist is an excellent example of how the Internet brings people together," said Meg Whitman, president and CEO of eBay. "Whether it's to trade goods, help neighbours or speak out on important issues, craigslist has become the online gathering place for local communities. I look forward to working with the craigslist team as its vision moves into the future."
The auction site said it did not expect the investment in craigslist to affect its third-quarter or full-year financial results.
Craig wrote in his weblog: "Like craigslist, eBay is about helping folks get everyday stuff done, on a level playing field - they emphasize trustworthiness and reputation, and try really hard to listen to people. Basically, we're both about building community, and humanizing and democratizing the 'net, and there's gotta be more of that."
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