Craigslist.org owner Craig Newmark isn’t tempted to sell off his popular community classifieds site any time soon. Even if it means billions of dollars are sitting on the table. He seems keen to stay true to the not-for-profit-but-for-community “not-solely-for-profit-but-for-community” model he has used with the site. I love Craigslist. I haven’t paid for a classified ad in the past two years. You can read his comments below or go to the original article link.
AMSTERDAM, Netherlands (Reuters) — The founder of Craigslist.org, the free social networking and classifieds Web site, said on Thursday he is not interested in selling out, a few hours after social networking site MySpace was valued at $15 billion.
“Who needs the money? We don’t really care,” Craig Newmark said in an interview at the Picnic ’06 Cross Media Week conference here. “If you’re living comfortably, what’s the point of having more?” Newmark said.
Just a few hours earlier, RBC Capital analyst Jordan Rohan said MySpace could be worth around $15 billion within three years, measured in terms of the value created for shareholders of its parent company, News Corp. MySpace was acquired by Rupert Murdoch’s News Corp. for $580 million less than a year ago. It now boasts more than 90 million active users, against 10 million monthly users of craigslist.
Craigslist, despite its no-frills layout, gets more than four billion page views per month with just 22 employees. Measured as a proportion of the number of employees, it claims to rank seventh amongst English language sites, behind Yahoo, AOL Time Warner, Microsoft, Google, eBay and News Corp.
Newmark said raising the money to subsequently give it away to good causes also did not interest him. “Finding a good cause is incredibly hard and time-consuming,” he said, adding that he and Chief Executive Jim Buckmaster agree on not cashing in.
“We both know some people who own more than a billion (dollars) and they’re not any the happier. They also need bodyguards,” he said. Craigslist is 25 percent owned by eBay after one of the shareholders who helped to set up the site in the 1990s sold his stake in 2004. Newmark declines to specify exactly who owns the remaining shares.
Rajan is the founder and Editor-in-Chief of BIG Marketing for Small Business. He's an award-winning marketing strategist who is passionate about branding, digital marketing and social media. He spent nearly a decade as the marketing executive at global IT firm Peer 1 Hosting and was instrumental in their explosive growth.