Word: bidness
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Dates: during 1990-1999
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Bezos may have lost that battle, but he is determined to win the e-commerce war. Last week Amazon.com launched its own electronic flea market to appeal to the millions of online hagglers who passionately bid for everything from stereos and cruises to a Coke bottling plant and the historic town of Johnsonville, Conn. Bezos' is just the latest firm to recognize the Web as the perfect medium to match buyers and sellers in a capitalist free-for-all: Net portal Yahoo rolled out an auction site last fall, and America Online just struck a partnership with industry leader eBay...
...match it, went public last week, and Wall Street treated the company like a rare gemstone. Priceline.com generated $35 million in revenue last year and lost $114 million (it has pulled in $20 million in the first two months of this year), but the stock, priced at $16, was bid up to $80 by week's end. That puts the company's value at around $11 billion, worth more than a few major airlines combined...
...really blame them? Each month, some 6 million visitors flock to eBay's sprawling virtual tag sale, according to research firm Media Metrix, right behind Amazon's 8 million. A third of those browsers regularly bid on or sell a selection of nearly 2 million items, including computers, Ginsu knives, baseball cards and model trains, generating about $300 million in total transactions during the fourth quarter of fiscal 1998. "There's a constant trade show going on," says Steve Karas, of New York, who auctions sports cards on the site. By taking a 1.25%-to-5% cut on each...
Other critics are not so judicious. Alfred B. Fantini, who served on the committee for 16 years before losing a re-election bid in 1997, says the current committee is "inept...
...hopes to change that with a bid for one of the six available seats in the November elections...