Business, as we know, is constantly growing each and every day, and it has reached heights which people could not have imagined. People are constantly brainstorming to develop new concepts that will take the world by storm. There have been people all over the world who have done and have been able to build empires on such a basis.
Businesses in all fields must have an extremely creative edge to compete with the crème de la crème of any business. New fields in the business world have even been created due to the creative edge that people bring out of themselves. Huge fields such as the technological world, which is growing very fast each and every day.
Speaking of the world of technology, many giants have worked so hard to create a world where people are free to venture into their interests from the comfort of their seats. Other people have taken advantage of this and created companies that have made headlines. An example of such people is Craig Newmark, the founder of Craigslist. Craigslist is an American classified advertisement website with sections devoted to jobs, housing, for sale, items wanted, services, community service, gigs, resumes, and discussion forums. The success of the website is actually incredible and has amassed a lot of subscribers around the world.
The creation of Craigslist was as a result of the close of observations of Craig Newmark. He noticed how people were helping each other in friendly, social, and trusting communal ways on the internet via the WELL and MindVox. He created something for local events, and he began an email distribution list to friends.
Most of the early postings were made by Newmark and were notices of social events of interest to software and internet developers. Soon, word of mouth caused the sudden success of the list, and all of a sudden, people started using the list for non-event postings, getting technical positions filled, and this led to the introduction of other categories. The success was remarkable, and even Newmark himself could not believe it.
In the fall of 1998, the name “List Foundation” was introduced, and Craig began adopting the new name. In April 1999, Craig learned that there were other organizations that were using the name, Craig dropped the name, and in June 1999, Craig incorporated his company as a private for-profit company. In the same year, Craig realized that the site was growing so fast that he could quit his job as a software engineer. He went on to do that, and by April 2000, there were nine employees working in Newmark’s San Fransisco apartment.
In January 2000, Jim Buckmaster joined the company as lead programmer and CTO. He contributed the site’s multi-city architecture, search engine, discussion forums, flagging system, self-posting process, homepage design, personals categories, and best-of-craigslist feature. He was promoted to CEO in November 2000.
The company was so successful that the website expanded to thirty one more cities between 2000 and 2004. Over the years, the company grew incredibly fast and became among the most popular websites in the USA and the world. On August 13, 2004, Newmark announced that the auction giant eBay had purchased a 25% stake in the company from a former employee. However, some people expressed dissatisfaction with the purchase because it will affect the company’s non-commercial nature. In April 2008, eBay sued Craiglist for undertaking actions that were not in the interest of eBay. Craigslist then released a countersuit concerning eBay’s measures against Craigslist executives.
The growth of the company entered into full throttle, and nobody could stop it. The company was recording incredible numbers when it came to the number of people who have subscribed to the website. The site receives around two million new job listings per month, making it one of the biggest job boards in the world. The company is also preferred by many people because of the policy that they followed running not based on the purpose of reaping maximum profits from their subscribers. In December 2019, Craigslist introduced a platform for iOS and beta version on Android.
Awards & Achievements
Craigslist is an incredible website with so many subscribers all over the world. The company has been hailed by many people for not focusing on its profit margins. The company is also hailed for making a lot of progress over a very short time and is also hailed for taking part in life-saving activities such as making efforts to fight prostitution and sex trafficking. An example of an award they have won is the Webby Awards in 2001.
Net Worth of Craigslist in 2020
Craigslist is one of the fastest-growing websites in the world and has had immense success over the years. The company is used all over the world for advertisement by many major employers and others in the world. Although the company does not do what they do to maximize profits, the company still has a good monetary state. At the moment, the company has a net worth of approximately $4 billion as of July 2020.
Craigslist has grown to be a very successful website with a lot of subscribers. Not only that, but the company is also famed for not being profit-oriented. In December 2006, Craigslist CEO Jim Buckmaster mentioned to Wall Street analysts that Craigslist had little interest in maximizing profit and instead preferred to help users find cars, apartments, jobs, and dates.