Iranian-American economist and philanthropist Pierre Omidyar is best known as the author and executive of eBay, the online sale site. He graduated from Tufts University in 1988 with a degree in Computer Science and worked for both Macintosh and Apple before establishing eBay. By the close of the year 1998, the organization flaunted 2.1 million members and created $750 million in incomes.
Omidyar was born in Paris in 1967, but moved to Maryland as a kid when his dad acknowledged a residency at Johns Hopkins University Medical Center. He became interested in computers as a teen and would regularly sneak out of PE classes to play with his high school’s PCs. Instead of punishing Omidyar, 14, for skipping class, the Principal contracted him to write a PC program to print catalog cards for the school library at $6 every hour.
He graduated from Tufts University in 1988 with a degree in computer science and got down to business for an organization that created Macintosh software. Afterward, he worked for the Apple auxiliary Claris and then helped beginning a software company in 1991 called Ink Development Corp. The organization later changed its name to eShop and was acquired by Microsoft in 1996.
Ebay all started in the summer of 1995. Omidyar created code for a page called Auction Web on his personal website, letting people list items for auction. Much to Omidyar’s surprise, the site pulled in huge numbers of purchasers and dealers that he soon had to set up a separate site devoted to auctions which he named eBay. By charging between 25 pennies and $2 to merchants for posting their auction notice, and taking a little level of the deal, the organization profited basically by setting up a place for purchasers and vendors to meet.
Empowered by this early achievement, Omidyar quit his day job and devoted time to building eBay’s community and technology. By mid-1997, eBay had become the one of the most visited destinations on the Web, with in excess of 150,000 clients bidding on 794,000 auctions. The normal eBay customer was going through about 3.5 hours out of each month on eBay, longer than the normal customer on some other site.
By the end of 1998, the eBay boasted 2.1 million members and generated $750 million in revenues.
After eBay became a public company in 1998, Pierre and his wife Pam co-founded the Omidyar Foundation to support nonprofits. At the same time, eBay’s immense scale and quickening social effect were showing that business could likewise be a viable apparatus for making social great. Accordingly, they widened their extension in 2004 to shape aa new entity, Omidyar Network, to make interests in revenue driven organizations just as philanthropic associations.