Craigslist Meets the Capitalists

December 11, 2006

The New York Times describes a meeting between "delightfully communist" Craigslist CEO Jim Buckmaster and a Wall Street audience of bewildered investment bankers trying to wrap their heads around the idea of a company with no interest in maximizing its profits:

Wendy Davis of MediaPost describes the presentation as a “a culture clash of near-epic proportions.” She recounts how UBS analyst Ben Schachter wanted to know how Craigslist plans to maximize revenue. It doesn’t, Mr. Buckmaster replied (perhaps wondering how Mr. Schachter could possibly not already know this). “That definitely is not part of the equation,” he said, according to MediaPost. “It’s not part of the goal.”

“I think a lot of people are catching their breath right now,” Mr. Schachter said in response. > New York Times, Craigslist Meets the Capitalists

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