Shopping online has become a part of one’s life in this growing internet era. Most of us nowadays opt to shop online, rather than wasting time with regular shopping as it is just a finger touch away. The online shopping platforms are also constantly upgrading themselves to serve their consumers, and they do not want them to get back to regular shopping style. Though there are many famous online shopping platforms, the words you are about to read are written to illuminate you about the net worth of one of such platforms eBay.
eBay was founded as AuctionWeb on September 3, 1995, by Pierre Omidyar in California. Pierre listed a broken laser pointer on his website which was sold for $14.83 becoming the first item to be sold on AuctionWeb. The site attracted good traffic and made Pierre hire people to work for his site. By 1997, the site hosted over 2 million auctions and its name was officially changed to eBay in September 1997.
eBay’s much-needed publicity came through the Pez dispenser myth (that the company was started to help Pierre’s fiancée sell Pez candy). Beanie Babies contributed a lot to eBay’s revenues claiming 10% in overall listings in 1997.
After going public, the company started to list products of various categories and became a very successful online shopping platform. eBay purchased iBazar, a European auction site in February 2002 and PayPal in October 2002.
By 2008, the company made revenue of over $7.7 billion with 15,000 employees and millions if registered users around the world. In May 2008, the company built its building in San Jose and became the first LEED Gold-certified building in San Jose.
eBay went on to purchase more companies such as Craiglist, Skype, StubHub, and Braintree to expand its market. In September 2015, eBay announced that eBay and PayPal would become independent companies in order to achieve more success in respective fields. In February 2018, eBay acquired Giosis expanding its footprint in Asia.
eBay was included in the Fortune Magazine’s list of Top 100 Best Companies to Work For in 2008 and 2009. In September 2008, eBay became the first internet company to receive the National Medal of Technology & Innovation for its worldwide contributions to entrepreneurship. The company was also honored with the lifetime achievement award in 2007 at the Webby Awards.
Net Worth and Earnings
The company’s highest gross income for the past five years came in 2017, which is said to be $10.7 billion. Their highest recorded net income in the past five years is $7.29 billion in 2016. The company has generated revenues of over $10 billion in 2017-2018 and its market cap is over $38 billion.
Started by Pierre Omidyar as an auction website two decades ago, eBay has become one of the largest online shopping platforms used in most parts of the world. Having an eye for self-upgrade and the hunger to extend its roots all over the world, the company is expected to acquire a very big market over the coming days.