The billionaire who built eBay on a broken laser pointer and a myth
Pierre Omidyar launched eBay as a simple side project, famously selling a broken laser pointer to a collector. While the company grew into a global titan, the popular origin story—that it was created to help his fiancée trade Pez dispensers—was a deliberate fabrication by a public relations manager.
Born in Paris in 1967 to Iranian parents, Omidyar spent his childhood in the United States, eventually graduating from Tufts University with a degree in computer science. His early career included work at Claris and the founding of the e-commerce startup eShop, which Microsoft acquired in 1996. By 1995, Omidyar began coding an online venue for person-to-person auctions, launching the service as AuctionWeb on Labor Day that year. The site grew rapidly, hosting 250,000 auctions by 1996 and nearly 800,000 daily by mid-1997.
The company’s name, eBay, was a pragmatic choice. Omidyar originally preferred Echo Bay, named after a recreational area near Lake Mead, but the domain was already registered to a Canadian mining company. He simply dropped the 'cho' to create the iconic brand. The business model, which relied on small fees per sale, proved so successful that Omidyar left his job at General Magic to focus on the enterprise full-time. By September 1998, the company’s public offering solidified his status as a billionaire.
Beyond his business success, Omidyar has pivoted toward philanthropy and political activism. Alongside his wife, Pamela, he founded the Omidyar Network in 2004, which has committed nearly $1 billion to social and economic causes. In recent years, he has emerged as a vocal critic of big tech, funding antitrust research and supporting whistleblowers like Frances Haugen. His journalism ventures, including the creation of First Look Media and The Intercept, reflect a broader commitment to civic engagement and the belief that information is essential for individuals to assert their rights.
Source: Pierre Omidyar
