eBay aquires minority stake in craigslist

Via JoiIto,

eBay has acquired a preexisting minority ownership interest in craigslist of approximately 25%. The resulting relationship will allow eBay and craigslist to share expertise, resources, and creativity on behalf of online communities everywhere

The shares are not being sold by Craig or by Craigslist but by a former employee who was granted a stakeholding in the company. Craig comments,

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.

The deal we're announcing today basically allows us to operate without changing our mission of community service, while making available to us expertise and resources we could really use.

Already in 45 cities, perhaps eBay's money will help roll out craigslist to many more, and that is a good thing.

Posted by Paul in Stocks and Shares Tech at August 13, 2004 03:22 PM | 2 Comments