tungwaiyip.info

home

about me

links

Blog

< August 2004 >
SuMoTuWeThFrSa
1 2 3 4 5 6 7
8 91011121314
15161718192021
22232425262728
293031    

past articles »

Click for San Francisco, California Forecast

San Francisco, USA

 

eBay Acquires Minority Interest in craigslist

EBay bought 25% stake in Craigslist, as founder Craig commented in his blog. This is not your usual "community effort sold out to big corporation" story. It begins when craigslist first established as company, Craig made a gift of some equity to a guy who was working with him at the time. He reasons that the equity really had more symbolic than actual dollar value. Given the success of craigslist, this is probably self-deprecation. Indeed, this person latter left the company and decided to sold his stake to eBay. The irony is this person is going to make all the monetary gain while Craig would likely to shoulder all the criticism.

Being a for-profit company or owned by big corporation is not necessary a bad thing. People need to make a living and an office need money to run. Even slashdot.org a fervently independent outlet is now owned by VA Software. But craigslist has made a name of itself by strongly resist to commercialize. The web design is basic and text only, entirely free from advertisement. All services are free with the exception of job posting as its sole income. Had it decided to brought in venture capital, craigslist has every potential to be a contender to eBay, a 50 billion dollars corporate giant. But it choose to stay this way, running like a struggling non-profit, forgoing the dream of uncountable wealth.

While it might look a mistake now that he gave away equity to a person who later sell to big corporation and profited, I believe he acted in the interest of the organization at that time. He understand the website that bears his name is more than himself. By making some form of employee ownership he could make it a better and more accountable organization.

I can only hope the ownership change will strengthen craigslist's service without straying it from its mission. No matter what it is going to be, craigslist has already made its name as an antidote to the dot-com frenzy.

2004.08.13 [] - comments

 

 

blog comments powered by Disqus

past articles »

 

BBC News

 

Chris Parry and Andrew Bagshaw's bodies recovered in prisoner swap - Ukraine (04 Feb 2023)

 

China urges calm over 'spy' balloon in US airspace (04 Feb 2023)

 

Tyre Nichols: Sixth police officer fired (04 Feb 2023)

 

Japan PM fires aide over derogatory LGBT remarks (04 Feb 2023)

 

Perth shark attack: Teenage girl dies in Swan River (04 Feb 2023)

 

Pakistan blocks Wikipedia for 'blasphemous content' (04 Feb 2023)

 

Pope in South Sudan tells clergy to raise voices against injustice (04 Feb 2023)

 

Coldest wind chill ever recorded in continental US, say forecasters (04 Feb 2023)

 

Canadian teen wins lotto jackpot on first try (04 Feb 2023)

 

Elon Musk found not guilty of fraud over Tesla tweet (04 Feb 2023)

more »

 

SF Gate

 

Salesforce, SF's largest employer, drops more people as part of January layoffs (2 Feb 2023)

 

Rivian lays off another 6% of workforce, hitting Bay Area and Irvine offices (1 Feb 2023)

 

Best Background Check Services: Top 13 People Finder Sites Reviewed and Ranked (1 Feb 2023)

 

Bay Area tech company Workday laying off hundreds of employees (1 Feb 2023)

 

Bay Area's PayPal sacks 2,000 workers, capping off brutal month for tech (31 Jan 2023)

 

Intel warns officials it plans 343 layoffs at its Folsom campus (31 Jan 2023)

more »


Site feed Updated: 2023-Feb-04 09:00