There’s a proprietary online commerce aspect to this story; mammoth Ebay suing ubiquitous Craigslist. We look at it and all we see is the California gubernatorial race. Lefty Craig Newmark vs. righty Meg Whitman.
Where’s our popcorn…this should be good.
Smart Money reports:
San Jose, Calif.-based eBay filed a lawsuit alleging that Craigslist founder Craig Newmark and Chief Executive Jim Buckmaster diluted eBay’s stake in online classified group to 24% from 28% through a “self-dealing” and secret scheme to issue more stock. EBay says the dilution caused the company to lose its right to elect a Craigslist board member.
San Francisco-based Craigslist has filed a countersuit alleging that eBay took advantage of its investment to steal confidential information that it used to create a competing classified service called Kijiji.com.
EBay and Craigslist have denied the allegations against them.
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