Word: upped
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Dates: during 1990-1999
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By 1997 Omidyar had lined up a venture-capital firm (Benchmark Capital, whose initial $6.5 million investment is now worth some $4 billion). eBay hired a marketing consultant to come up with the company's catchy, multicolored logo and confronted (and later defeated) threats from two new auction sites backed...
Whitman started imposing discipline fast. She whipped the finances and infrastructure into shape and got the company ready to go public. Within months of her arrival in early 1998, she was leading an eBay team on a road show to win over investors. On Sept. 24, 1998, the initial public...
In the year since the IPO, eBay has hit a few speed bumps. The site has been plagued with headline-grabbing crashes, among them a 21-hr. outage in June, four more in July, and a 10-hr. shutdown in August that sent eBay stock plunging 10%. The stakes were...
eBay is also one of the Internet's greatest financial success stories. It has defied the 11th Commandment: Internet Start-Ups Shall Bleed Red Ink. It's made money from its first month of operation. After only four years, eBay is worth some $20 billion--more than Sears and J.C. Penney combined--and its stock price has surged 25-fold. The rewards for the key players have been lavish. Whitman, after less than two years at the company, controls shares worth about $1 billion. Skoll's net worth is more than $3 billion. Omidyar's 30% ownership adds...
eBay--and the online-auction phenomenon it has spawned--is redrawing America's business landscape. There's scarcely a company in America that won't be affected by the new rules of commercial engagement. "Every week someone will come up to you and say this has changed my business entirely...