Jun 19, 2015

What's in a Name, eBay

When it was first created, eBay was called AuctionWeb. The original look for the site was very similar to Craigslist. AuctionWeb was one of four sites Pierre Omidyar ran under his eBay Internet, a domain he purchased before coming up with AuctionWeb. He originally wanted to call this “EchoBay,” but the domain was already taken by a Canadian mining company, so he shortened it. The other things you could find under the eBay umbrella were a page on the Ebola virus, a small travel agent site, and a personal shopper site. Within seven months of launching AuctionWeb, revenues coming in were out earning Omidyar’s day job at General Magic, so he quit to devote himself full time to his side project. About a year and a half later, general users and many in the press had been calling it “eBay,” instead of AuctionWeb, so he switched the name. In September of 1997, he also switched the look of the site to be much more graphically based.

When eBay went public with a suggested price of $18 per share (but surged to $53.50 on the first day), the 30 employees of the company at the time did a conga line around the office. The biggest recipients of that public offering were Omidyar, who today is worth about $8.7 billion, and the first CEO of the company, Meg Whitman, who has a net worth of just under $2 billion today.

The section eBay 'Deals' is a part of eBay where it highlights the best deals at a given time on eBay, saving you the effort of sifting through to look for them. It also breaks up the deals in various categories, such as Technology Deals, Fashion Deals, Home Deals, etc.