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Silicon Valley venture capital firms including Draper Fisher Jurvetson, Norwest Venture Partners and Redpoint Ventures would like a piece of Craigslist, which has grown from a local listing of classified ads to a global Web site that gets more than 10 million users a month. Craig Newmark, who started the site in , and Chief Executive Officer Jim Buckmaster reject the idea of doing an initial stock sale and rebuff investors even as suitors line up.
Draper, 47, said he has visited Buckmaster. Newmark, 53, and Buckmaster, 43, are taking an uncommon path for a high-profile Internet company. Google Inc. Analysts and investors recognize that Craigslist could be a cash machine. All postings were free until Ads for other cities and other categories still run at no cost. Page views at the Web site, Craigslist. The company has 19 employees, all in San Francisco, and runs sites in 35 countries and all 50 U.
Moore, 35, has rented two houses through Craigslist. Redpoint had a stake in MySpace. EBay Inc. The San Jose-based company has a seat on the Craigslist board, along with Newmark and Buckmaster, and the three meet quarterly, Buckmaster said. Earnings have slumped at New York Times Co. He bought Google stock when the company went public, and the shares are now the second-biggest component of his fund. Buckmaster stands by his convictions, suggesting that new laws on corporate governance make going public even less appealing than accepting venture capital money.
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