Things are getting messy in the used items category of the Internet, a place where many of us get our gear.
Auction site eBay is suing Craigslist, of which it has a minority interest, for trying to dilute its stake in the classifieds company. The stake is 28%, but eBay claims the Craigslist leaders tried to maneuver it down to around 18%.
The suit came as a shock to Craig Newmark and the rest of the Craigslist board, who shortly after posted a damning rebuttal on the Craigslist blog, calling eBay’s actions unethical and perhaps an overture to a hostile takeover.
This will all wind up in court in Delaware, where the suit was filed, according to the AP. We’re hoping this ends well; eBay has the economic muscle — as well as the motive — to quash one of the great Internet success stories.
How can you launch a hostile takeover against a private company? Oh, you can’t
I stopped using ebay a while back it sucks and its gotten pricy. I use cragslist exclusively now to buy and sell and I must admit it PWNS!
Craig is the jerk. He just is. Look at him. Listen to him. Cuz his kinky friends want to keep hookers on his list, he says fine. Guy’s a pimp.