mark,
<<i strongly recommend that GNET management consider buying the eBay auction site ( ebay.com). >>
They announced a public offering on 7/15/98. Agree with your remarks on professionalism.
Announcement follows:
July 15, 1998
Dear eBay Community,
I am pleased to let you know that today eBay filed a Registration Statement with the Securities and Exchange Commission for an Initial Public Offering of eBay Common Stock, substantially all of which will be sold by the Company. The remainder will be sold by the eBay Foundation, a charitable fund established by the Company and administered by the Community Foundation Silicon Valley. This is an important day for all of us, and we could not have made it here without your help and support.
When I launched eBay, I wanted to create a place where individuals were empowered to do business just like in the old days, where we all got to know each other and we felt we were dealing with people we could trust. The eBay community has created an efficient marketplace, where goods can be traded for their true value and where people are respected for what they contribute to the community. We all help each other here, and I think that's great.
Now, we're taking a part of the company and offering it in the world's largest marketplace, the public stock markets. I think that this is a fitting milestone in eBay's evolution.
I hope you will pause and reflect for a moment on what we have already accomplished together. Every day people buy and sell unique items on eBay. Many of you have built reputations over the past few years on eBay, and all of you have contributed substantially to the improvement of the service. Some of you make a living on eBay. Some of you are completing your collections, or just meeting other folks who are into the same stuff you are. Many of you are telling your friends about eBay, and helping each other learn about this fascinating community.
You can all be proud of the fact that you helped create this, and when your friends hear about us in the news, or see us at trade shows, or see our ads, don't hesitate to tell them, "I knew those eBay guys when they were little. I helped make it happen." You discovered us. You helped shape eBay.
As eBay has grown, we have continually worked to improve our service for you by adding new hardware, increasing our customer support staff, and adding features, partnerships and programs to bring more buyers and sellers to eBay.
Personally, I have always believed in helping people to become the best they can be. I believe in empowering people, not just supporting them, and I hope the eBay Foundation will have a lasting impact on people's lives. When the eBay Foundation acts, it acts for everyone within the eBay community. I am gratified that eBay has taken this bold step in community empowerment. I hope we set the trail for others to follow.
Again, we couldn't do this without your help and support. I am deeply gratified that we've created a community that can support this type of activity. Will eBay change after it becomes a public company? I'm sure some things will get even better. But our core beliefs and vision won't change, and that's because you all have a part in it. eBay is what you have made it, and it will always reflect your attitudes and your activities.
Thank you for your support, and thank you for using eBay!
Best regards,
Pierre
P.S. A word from our lawyers....
A Registration Statement relating to the Initial Public Offering of eBay Common Stock has been filed today with the Securities and Exchange Commission but has not yet become effective. Such Common Stock may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This letter shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of such securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
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