By: E&P Staff Perhaps two of the most successful online communities teamed up on Friday. eBay announced the acquisition of a 25% pre-existing minority ownership stake in craigslist.org.
"Meg [Whitman] has helped us preserve the craigslist mission, and I really appreciate it," said Craig Newmark, the founder and chairman of craigslist.org, about eBay's CEO in a statement.
Terms of the transaction were not disclosed, but the investment will certainly help craigslist, which retains both a non-profit and for-profit status, expand beyond the 45 global cities in which it currently has a foothold. Started in San Francisco in 1995, craigslist has proven a popular site for finding jobs, housing, and love, with over 5 million users per month.
As for eBay, which became a financial powerhouse by grassroots community efforts, the investment only solidifies that craigslist is a growing (and potentially threatening) force to online newspaper classifieds.
"Craigslist is an excellent example of how the Internet brings people together," said Whitman in a statement. "Whether it's to trade goods, help neighbors 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."
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