Auctioning on the internet wasn't really a feature that caught one's attention. One could doubt its credibility, the safety of disclosing your identity and most importantly, the reliability of making an online transaction. Few portals have been able to arrest the eyes of the online generation as well as Ebay Inc's eBay.com.

The portal was part of Pierre Omidyar 's personal site and branched out to become an internet giant with a brand synonymous with auctioning on the world wide web. The first item sold on eBay, initially called AuctionWeb , was a broken laser pointer for $14.83. Omidyar, surprised, asked the buyer if he was aware that the pointer was broken. " I'm a collector of broken laser pointers " was the reply he got. Thus began Ebay Inc. and the obsession of millions of buyers and sellers looking for that perfect price.   

Jeffrey Skoll was hired as the first president in early 1996 and was responsible for charting our the business plan for an already profitable start-up that was to become a great business success. On September 21, 1998, eBay went public and both, Omidyar and Skoll, became instant billionaires.

Ebay Inc. now owns PayPal, Skype , StubHub, Kijiji (known in India as quikr.com ) and other businesses. As of April 2008, eBay's most expensive acquisition was the purchase of Skype, a Voice over Internet Protocol company, for US$2.6 billion. The majority of the 26 companies acquired by eBay are based in the United States.

Millions of collectibles, decor, appliances, computers, furnishings, equipment, vehicles, and other miscellaneous items are listed, bought, and sold daily. In 2005, eBay launched its Business & Industrial category, breaking into the industrial surplus business.

eBay has also been subject to controversies over the products people put up for auction. From a man offering his kidney in 1999 to people selling their virginity, the company has often on seen itself in the media over such listings and has thus, maintained a stringent "Terms & Conditions" for its users.

eBay generates revenue from a number of fees. The eBay fee system is quite complex; there are fees to list a product and fees when the product sells, plus several optional fees, all based on various factors and scales. In addition, eBay also owns the PayPal payment system which has fees of its own.

The company's current business strategy includes increasing international trade. eBay has already expanded to over two dozen countries including China and India (the erstwhile bazee.com ). The only places where expansion failed were Taiwan and Japan, where Yahoo! had a head start, and New Zealand where TradeMe, owned by the Fairfax media group is the dominant online auction website.

A majority of the sales take place through a set-time auction format, but subsequent methods include a subtantial segment of listings in the "Buy It Now" category.

According to Forbes magazine, dated March 2008, Pierre Omidyar is the 120th richest person in the world. As of July 2008, Omidyar's 178 million eBay shares were worth around $4.45 billion . With eBay's stock plummeting in recent months, Omidyar's eBay shares are now worth closer to $2.65 billion . He remains, to this day, the Chairman of Ebay Inc.and its many assets.

Coming soon- Those 10 eBay listings that got you to go 'Huh!'  

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