Pierre Omidyar created eBay in 1995 as AuctionWeb.
Omidyar launched AuctionWeb as part of a larger personal website while working as a software developer. The first item sold was a broken laser pointer, which demonstrated that people were willing to use an online auction platform to exchange unusual goods.
The service changed its corporate name to eBay in 1997. Its model allowed buyers to bid against one another while sellers listed goods, creating a marketplace that differed from a conventional online store with fixed prices.
People sometimes assume the company was called eBay from its first day. AuctionWeb was the original service name, while eBay became the corporate and public brand. Omidyar later created the Omidyar Network, a philanthropic investment firm.