Craigslist founder says eBay reneged on promises

December 10, 2009 By RANDALL CHASE , AP Business Writer
Craigslist founder Craig Newmark arrives to testify in the civil trial between E-Bay and Craigslist in Delaware's Chancery Court Thursday Dec 9, 2009 in Georgetown, Del. (AP Photo/Bradley C Bower)

(AP) -- The founder of the online classifieds site Craigslist says he began having concerns with eBay shortly after the online auction site took a minority stake in his company.

Craig Newmark testified Thursday that within months of acquiring a 28 percent share in Craigslist in August 2004, eBay began backtracking on its promises.

Newmark said eBay executives including then-CEO Meg Whitman indicated that they would be happy holding a minority stake for several years, and Craigslist would be eBay's exclusive online classifieds play.

But shortly after agreeing to a deal, Newmark said eBay began pressing for a bigger stake and acquiring other online classified sites overseas.

Newmark testified in a lawsuit filed by against .

©2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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