He turned down $11 billion, here’s why | Craig Newmark (Craigslist Founder)

In this episode of The Eric Ries Show, I sit down with Craig Newmark, the founder of Craigslist—one of the internet’s most influential platforms. Despite its massive impact, Craigslist has remained intentionally minimalist, resisting the hyper-monetization strategies common in tech. Craig attributes his success to being in the right place at the right time, but his story reveals a deeper truth: a steadfast commitment to his values. We discuss how his moral compass shaped Craigslist, his approach to business sustainability, and his perspective on ethical entrepreneurship. In this episode, we cover: • The origins of Craigslist as a simple email newsletter • Why Craig resisted aggressive monetization and focused on community impact • The market research behind Craigslist’s minimal fees • How Craigslist maintained its mission even after Craig stepped back from leadership • Craig’s thoughts on AI, cybersecurity, and the future of journalism • How Craig’s strong relationship with customers kept him aligned with his values • Craig’s philanthropic work • Craig’s advice for new founders • And more! — Brought to you by: Vanta – Automate compliance, manage risk, and prove trust—continuously. ⁠⁠⁠⁠⁠Get $1,000 off⁠⁠⁠⁠⁠. • Gusto – Gusto is an easy payroll and benefits software built for small businesses. ⁠Get 3 months free⁠. Runway – The finance platform you don’t hate. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Learn more⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. — Where to find Craig Newmark: • LinkedIn: https://www.linkedin.com/in/craignewmark/ • X: https://x.com/craignewmark — Where to find Eric: • Newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ericries.carrd.co/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  • Podcast: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ericriesshow.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/@theericriesshow⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  — In This Episode We Cover: (00:00) Intro (03:06) The origins of Craigslist  (12:20) Why Craig used email in the beginning (14:03) Lessons from Sunday school that shaped Craig’s moral compass  (15:34) How Craigslist promoted community  (17:42) Craig’s resistance to the allure of maximum monetization (19:44) Why Craigslist became a private business, rather than a non-profit  (24:15) How monetization works at Craigslist  (27:11) Why Craigslist doesn’t need to drive engagement the way social media sites do (30:54) The size and scale of Craigslist (31:47) Current threats in cybersecurity  (33:44) How Craig became interested in cybersecurity  (35:34) How Craigslist maintained mission alignment after Craig left management  (40:54) Craig’s perspective on contentment and why he’s remained fulfilled (42:25) Advice for aspiring world-changers (47:56) Craig’s thoughts on AI  (51:08) Craig’s philanthropic work with journalism  (53:24) Problems in journalism today (54:37) Craig’s involvement with Donors Choose (57:14) Craig’s pigeon rescue work (58:58) Advice for new founders  (1:01:02) The importance of staying close to the customer (1:05:03) The case for avoiding exploitation  (1:07:16) Lightning round — You can find the transcript and references at ⁠⁠⁠⁠⁠⁠⁠⁠https://www.ericriesshow.com/⁠⁠⁠⁠⁠⁠⁠ — Production and marketing by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://penname.co/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Eric may be an investor in the companies discussed.