Social networking is on fire. For example, there are rumors that Yahoo! will buy Facebook for about $1 billion. And, this week, a stock analyst hypothesized that MySpace has a value of $10 billion to $20 billion.
With those kinds of valuations, Wall Street bankers are certainly salivating and are hunting-down social networking deals.
One company that would definitely fetch a huge valuation is Craigslist. The firm, which provides a community of classified ads, is growing at an astronomical rate. What's more, it is taking market share away from the newspaper biz.
The problem: the founder of Craigslist, Craig Newmark, is kind of a renegade. And, unlike most people in the world, money is not an incentive for him.
That's the word from a report from Reuters. In fact, Newmark's main comment was: "Who needs the money?"
Well, Wall Street would like the money. And I'm sure bankers are cold calling – and emailing – his firm on a daily basis. But, this must be one of those very rare cases when Wall Street's biggest asset – money – is completely useless.
Tom Taulli is the author of various books, including the Complete M&A Handbook and operates InvestorOffering.com.












Reader Comments (Page 1 of 1)
9-29-2006 @ 10:08PM
william robinson said...
craigs list is one of the best things that has come to the internet. alot of people have been helped by using this site. screw the newspapers!!! they are only out for themselves..
thanks craig
9-29-2006 @ 10:46PM
Tina said...
I discovered Craig's list while browsing online for a entertainment center. I not only found Craig's list but also found just the right entertainment center for my home, at a reasonable price, plus it was located only a few blocks from where I live.
Craig's list is GREAT!
9-29-2006 @ 11:42PM
windred said...
I was unemployed for a while,searching News papers and other internet sites with no success, Until recently i got really desperate, with the holidays coming up and everything, then my friend told me about craigslist, I said Oh another one of those, but I logged on and landed a job the same day, now i will be starting my new job on monday, thanks craiglist, Its the best thing that happen on the internet.
9-30-2006 @ 12:09AM
give it away said...
I am helped by craislist a lot. For now and the past my customer come from this website the most. Now the one and only website i would recommend to my friends is craigslist. I would really appreciate in your opinion.
Thanks Craig,
Scott
9-30-2006 @ 4:14PM
Krishnan said...
I prefer Craig's List to eBay and other similar commercial sites. I am very happy with this service and offer my sincere thanks to Craig and his team.
10-02-2006 @ 4:20PM
Jessica said...
Craigslist is like the icing on the eCake. It's the only website that I go to everyday. I've purchased things from locals in my area, found out about volunteer opportunities, met my boyfriend, browsed apartments and roommate opportunities...all from CL. I even told a friend about CL when she needed to sell Dave Matthews Band tickets two days before the show. She posted the ad and started receiving calls within minutes. Amazing! And what's the best is that there is NO CHARGE. It's free. Thanks Craig & Team...
10-02-2006 @ 6:41PM
FRED said...
I believe Craigslist is what the internet should be all about at its most basic existence. Thank you Craig, and your people, for assisting me in so many ways and enabling me to save alot of money when I was short on it. I continue to use Craigslist now that I'm doing well and appreciate that it continues to use the format it does and be on the 'right page' politically. So again, THANK YOU, THANK YOU, THANK YOU, for being who you are and staying true to the convictions established from the gate, you are a formidable example for the rest of the players in cyberspace to aspire to. GOOD LUCK, and please continue with your great work and service to our communities.
10-02-2006 @ 7:11PM
Glenn Vives said...
CRAIG's LIST is AMAZING!
MORE POWER TO YOUR SITE!
10-04-2006 @ 12:05PM
jeanne said...
craigslist is a rare site that is not only free and easy to use, it is available to anyone smart enough to take advantage of the opportunity! whether you are selling, giving away, attempting to purchase or using one of the many services, there is something appealing every day. my congratulations to the ceo and crew for not putting this into the hands of the greedy. my gratitude for being able to use this every day and enjoy doing so.... best of the best!
10-05-2006 @ 1:26PM
Linda said...
Craigslist is awesome. I happen to hear about CL on a TV show quite some time ago. I checked it out and was in awe! Free and close to home what more can you ask! Great categories...I have referred many of my friends to CL and they were stunned. They love it too! Thanks Craig...you are such a giving person. Just to let you know, you are definitely appreciated and respected. God Bless!
10-14-2006 @ 11:23AM
Rob said...
Proud of Craigslist for not succumbing to BIG money.
We have enough of that with a war in Iraq and the war machine making billions off of our GIs being killed and maimed there.
Stand your ground Craigslist.
It has helped me and many others.
Thanks,
Rob in Tampa
10-14-2006 @ 7:43PM
Mark The Spark said...
Craig. Thanks man. Thanks dude. Selfless. Admirable. Visionary. Rock on brother, rock on.
Mark The Spark in Boston Mass
10-18-2006 @ 1:51PM
L. Barris said...
I found the most lucrative job I've ever had in my life, at a time when I was totally broke off of CL's free job hunting section. I have also rented my last 2 apartments off of Craig's List. Certain sections of CL do charge for advertising at least in Los Angeles, but the response was so great, it matched the major newspaper ads repsonse quotient and was well worth it. They also have an option to place your ad where there is no charge which is I'm sure greatly appreciated by those who cannot afford to pay for their ads yet. I LOVE CRAIG's List and can't say enough great things about it. The founder of Craig's List should give seminars on how to create successful businesses and make people's day.
10-19-2006 @ 11:10AM
John said...
I got a job in less than 24 hours in San Francisco. (made $50,000) Had a place to live 30 minutes after I landed in Albuquerque. Maybe I will pull off the tri-fecta and meet someone interesting when I move to NYC. :-P
10-22-2006 @ 4:24PM
Robin said...
I tell everyone I know about Craig's List..... As long as we keep the scammers off there, it should be around for a long time. Just wished there was a way to keep the dealers from trying to pass themselves off as owners. I visit the site daily.
Thanks Craig!!
10-22-2006 @ 7:00PM
Mia said...
I owe my ability to have kept my head above water for many months to craigslist. As a single mother, unemployed and awaiting disability, I've found myself having to be creative in order to survive. I've been able to sell many items on craigslist, as well as getting much needed items way below cost. And it tops eBay because so many things can be obtained locally, eliminating the cost of shipping and listing. Craigslist is also a great place to get advice, network, and find out about opportunities. I applaud Craig and his resistance to the greedy vipers out there who would surely find a way to destroy the site little by little.
10-24-2006 @ 9:26AM
Colleen said...
I think it's wonderful that Craig Newman didn't develop Craigslist for the money. It's 2006...getting a newspaper delivered by a neighborhood boy on a bike disappeared a long time ago. It's a great alternative to the newspaper and can be found in more places. I use it all the time and the internet is one of the most powerful tools anyone in any business/interest/activity can use. If Craigslist were to be bought by another company, I'm sure some changes would be made and just finding out that it was bought by someone would decrease clientele.
10-24-2006 @ 7:58PM
Audrey McNamara (Nevis) said...
I am a very senior lady, and Craigslist has helped me stay in contact with all walks. It has presented my problems, and some have come through with solutions. It is my connection to the World, and I'm proud of craigslist for hanging in there. God Bless them. Audrey
10-25-2006 @ 10:03PM
Rhonda R. Parton said...
My son, Kelly, a 10th grader, is in band and has been since 6th grade. Due to financial hardships I had to let his trombone go back to the rental company. My boss' daughter suggested we try Craigslist, when we bombed out with local pawn shops and other sources. We found several that were priced in our range and was able to get him a silver one for $99, that was very convenient to get to for his Dad whom he was spending some time with during the summer. Thank you, Craig, because without Craigslist, there's no way my son would be able to be in band. Craigslist is the greatest.