1997
Benchmark offered to invest $6.7 million in eBay in a Series A at a $20 million pre-money valuation.
“to invest $6.7 million total in the company in a Series A financing at a $20 million pre-money valuation.”
Topic
eBay
14 facts from 10 episodes, in date order. These are what speakers said on the shows, each linked to the moment it was said. They aren't independently verified.
1997
Knight Ridder offered Pierre Omidyar and Jeff Skoll $50 million to acquire eBay.
“The reason you would get acquired is they offer Pierre and Jeff $50 million”
1998
eBay went public in September 1998 at a market capitalization of about $2 billion.
“eBay goes public in September of 1998 at a $2 billion market cap.”
1998
Amazon acquired the payments startup Accept.com in 1998, largely to keep eBay from buying it.
“Bezos swoops in and Amazon steals the deal and acquires Accept.com, mostly so that eBay doesn't get it.”
1998
eBay recruited Meg Whitman from Hasbro as CEO, with Benchmark and David Byrne closely involved.
“has recruited Meg Whitman, superstar Meg Whitman from Hasbro and previously of Disney strap planning fame”
1998
At eBay's September 1998 IPO, Benchmark's stake was worth $400 million.
“At the IPO in September 1998, Benchmark's stake of the $6.7 million they invested is worth $400 million.”
2002
eBay bought PayPal in 2002 for $1.5 billion, and the independent PayPal was valued at $47 billion when spun out.
“So, when they did spin it out, the market cap of the independent PayPal entity was $47 billion. Now, in 2002, they bought the company for $1.5 billion.”
2002
PayPal was sold to eBay for $1.5 billion after the dot-com crash and its IPO.
“ultimately their sale to eBay for $1.5 billion.”
2002
Space Exploration Technologies was incorporated in June 2002, and eBay bought PayPal for $1.5 billion the following month.
“In June, 2002, they officially incorporate space exploration technologies. And then the very next month in July, 2002, eBay buys PayPal for one and a half billion dollars.”
2002
PayPal was sold to eBay in 2002, according to Reid Hoffman.
“one of the things that made the PayPal network so noteworthy is PayPal sold to eBay in 2002”
2008
Marc Andreessen joined the boards of Facebook and eBay in 2008.
“is why Andreessen ends up joining the Facebook board in 2008, as well as the eBay board in 2008.”
Undated
NZS Capital held eBay when a new CEO arrived, treating PayPal as nearly free because a recovery in the marketplace business would cover the cost of entry.
“they brought in a new ceo john dono they had paypal and really you weren't paying for any of paypal if the marketplace business would recover”
Undated
Chenyi Shi contrasts an eBay seller of one antique watch, who wants the highest price, with an Amazon seller who wants more unit sales at the market price.
“He has only one watch to sell, but the equation going in his mind is, how can I sell this watch for the highest price possible?”
Undated
Taylor compares the AI boom to the dot-com bubble, noting that failures like Webvan and Pets.com coexisted with lasting companies like Amazon, Google, eBay, PayPal and Salesforce.
“In the same way you had Webvan and Pets.com, but you also had Amazon, Google, eBay, PayPal, Salesforce, and others come out of it.”
Episodes
- 28 Sep 2022Benchmark Part I3h 44m
- 16 Aug 2022Amazon.com4h 18m
- 6 Apr 2022Platforms and Power (with Hamilton Helmer and Chenyi Shi)1h 24m
- 3 Nov 2021Complexity Investing & Semiconductors (with NZS Capital)1h 44m
- 27 Jul 2021Andreessen Horowitz Part I2h 6m
- 26 May 2020SpaceX2h 45m
- 31 Mar 2020Adapting Episode 2: Sequoia’s Black Swan Memo (with Roelof Botha)44m
- 17 Mar 2020The Top 10 Acquisitions of All-Time1h 51m
- 25 Feb 2026Reid Hoffman: Shaping the AI Era, Investing in Transformation and Calling on Europe55m
- 3 Sep 2024Bret Taylor - The Agent Era - [Invest Like the Best, EP.386]1h 28m