\n
Iannone spoke to me from a trading\u2011card convention in Chicago, just as the company had closed a $50 million chapter from its past and launched a $1.4 billion bet on its future. The former resolves litigation involving former CEO Devin Wenig in which former employees targeted a couple with threats and bizarre deliveries in 2019 because their newsletter was critical of the site. The latter finalizes the acquisition of Depop, a fashion resale site popular with millennials and Gen Z.<\/p>\n
For Iannone, who became CEO of eBay in 2020, the goal now is to double down on \u201cnon-new-in-season,\u201d a term for the used and refurbished items that don\u2019t compete head-on with e-commerce giants like Walmart and Amazon.\u00a0<\/p>\n
There\u2019s strong evidence his approach is working: eBay (No. 353 on the Fortune 500) yesterday reported that revenue rose 15% in the second quarter to $3.1 billion while net income rose 51% to $552 million, raising its full-year guidance.\u00a0<\/p>\n
And though eBay sellers tend to be amateurs, thanks to AI they\u2019re getting access to pro tools, such as the \u201cmagical\u201d listing feature that extrapolates details from images. \u201cYou just basically hold your phone up to something and AI guides you\u201d on how to describe it, price it, ship it and more, he told me. \u201cWhen a user uses magical listings, we see 50% more listings per lister in the U.S. and the value of those customers using it is greater, meaning they\u2019re selling more.\u201d<\/p>\n
With new technology, of course, also comes new challenges.\u00a0\u201cWe\u2019ve authenticated over 15 million items\u2026 to the best of my knowledge, we\u2019ve never had a counterfeit get through,\u201d said Iannone. Third-party AI agents that autonomously scrape sites and buy on behalf of customers could disrupt retail marketplaces like eBay, which may be why the site has banned them. Iannone\u2019s goal is to focus on enhancing the human experience. \u201cIt\u2019s why I love days like today where I\u2019m interacting with top sellers.\u201d<\/p>\n
Contact CEO Daily via Diane Brady at diane.brady@fortune.com<\/em><\/p>\nTop leadership news<\/h3>\n
Google DeepMind shakeup<\/b><\/p>\n
Demis Hassabis is <\/span>giving up<\/span> his CEO title to become chairman of Google DeepMind and chief scientist of Alphabet, with CTO Koray Kavukcuoglu taking over daily operations and Gemini development. Hassabis wrote to staff that “now is the right time for me to hand over my day-to-day operational responsibilities at GDM, so that I have the time and space to focus on the big picture.\u201d<\/span><\/p>\n1 billion SpaceX shares unlock<\/b><\/p>\n
Roughly a billion SpaceX shares held by early employees and pre-IPO investors unlock on Thursday, but four index providers <\/span>rushed<\/span> the stock into 401(k)s within 25 days of listing, giving passive funds a head start before the supply hit. D.A. Davidson’s Gil Luria calls the accelerated index inclusion “a little bit of a bailout.\u201d<\/span><\/p>\nConsumers await their tariff refund<\/b><\/p>\n
About $100 billion in refunds from President Donald Trump’s struck-down tariffs have been disbursed to importers, while customers of companies like Five Below, Sony, and Nintendo have <\/span>filed class actions<\/span> demanding a cut of the windfall. Nintendo has responded that the money its customers paid “represents the purchase price of the goods they wanted and received.\u201d<\/span><\/p>\nThe markets<\/h3>\n
S&P 500<\/b> futures are up 0.13% this morning. The last session closed down 0.17%. <\/span>The<\/b> STOXX Europe 600<\/b> was up 0.44% in early trading. <\/span>The U.K.\u2019s FTSE 100<\/b> was up 0.31% in early trading.<\/span> Japan\u2019s Nikkei 225 <\/b>was down 0.93%.<\/span> South Korea\u2019s KOSPI <\/b>was down 4.58%. <\/span>China\u2019s CSI 300 <\/b>was down 0.15%.<\/span> Hong Kong\u2019s Hang Seng<\/b> was down 1.49%.<\/span> India\u2019s NIFTY 50 <\/b>was up 0.06%. <\/span>Bitcoin<\/b> was up $65K.<\/span><\/p>\nAround the watercooler<\/h3>\n
After months of a public back and forth over Mamdani\u2019s pied-\u00e0-terre tax, Ken Griffin isn\u2019t ready to give up on New York after all<\/span> by Joshua Hong<\/span><\/p>\nIn its first deal since going public, Italian unicorn Bending Spoons buys Airtable at a $9 billion discount<\/span> by Catherina Gioino<\/span><\/p>\nFeds accuse crypto founder of stealing $10 million from NFT investors, spending it on Miami condo and DJ hobby<\/span> by Camila Grigera Na\u00f3n<\/span><\/p>\nApollo CEO has a $11.1 billion net worth today\u2014but he started out with a series of hospitality jobs, from valet parking to working in a party store<\/span> by Emma Burleigh<\/span><\/p>\nCEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.<\/p>\n<\/div>\n
#eBay #CEO #Jamie #Iannones #playbook #embraces #tools #blocking #buyers<\/p>\n","protected":false},"excerpt":{"rendered":"
Good morning. For any CEO, one… <\/p>\n","protected":false},"author":1,"featured_media":1790,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[2628,787,283,1555,1711,2393,3556,3555,2558,1260],"class_list":["post-1789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-blocking","tag-buyers","tag-ceo","tag-ceo-daily","tag-ebay","tag-embraces","tag-iannones","tag-jamie","tag-playbook","tag-tools"],"yoast_head":"\n
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