Piere Omidyar, a resident of San Jose, conceived an idea of an online auction site when he was only 28. He took some time out his full-time day-job and in September 1955 came up with AuctionWeb. Designed in short span of only a week this was the first ever online auctioning site to be renamed eBay, in the course of time. Piere's wished for a website that would be representative of an online marketplace. The name eBay comes from the name of his company Echo Bay. And the eBay AuctionWeb was initially just a part of his company's official website. Omidyar's broken laser pointer was the first thing to be sold on this website; it was sold for $14. Very soon a Rolls Royce 1937 model was added to the list of collectibles sold.
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