Craigslist founder says eBay reneged on promises
(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.
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