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Craig Newmark, founder of Craigslist

Source: Bleacher + Everard

Craig Newmark made his fortune off a website, founded in 1995, that served as an early online bulletin board and looks like it hasn’t been updated in two decades.

That website, Craigslist, is still cranking along, featuring apartment listings, an active jobs board and items for sale. But the privately held company has long been surpassed in value by the likes of Airbnb, LinkedIn and Facebook Marketplace, which all face Wall Street’s demands for growth and profit.

Though Newmark’s internet company may be outdated, his concerns about where the industry is headed are most certainly not. Since the 2015 debut of Craig Newmark Philanthropies, the entrepreneur has donated many millions of dollars to various causes involving media and technology.

Most recently, his organization contributed $3 million to help fund a new artificial intelligence and education initiative from Common Sense Media, the nonprofit told CNBC this week.

“While I tried to pay some attention to what was going on, just everything caught me by surprise,” Newmark said, referring to the current boom of generative AI and all the new and intelligent chatbots.

Newmark, 70, spoke to CNBC as he was recovering from a minor heart procedure he went through in late August. The heart ablation required Newmark to lay on his back “the whole time in the wrong position” and he “woke up with a lot of back pain,” he said.

More than the surgery, Newmark wanted to talk about the hospital food.

“Hospital pudding is really good,” he said. “And since they served my lunch cold, I asked them and got more containers of pudding.”

Newmark, who ran his business out of San Francisco but now lives with his wife in New York, said the hospital stay didn’t cause him to reflect much on mortality, as he’d already addressed such existential issues when he decided to simplify his life by giving away much of his Craigslist riches.

Facebook's Marketplace takes on eBay, Craigslist

Newmark’s foundation has principally focused on donating to organizations and causes pertaining to journalism, combating misinformation, countering online harassment, cybersecurity issues, and supporting veterans and military families.

The rapid evolution of AI and its potential hazards have recently caught Newmark’s attention, and his money.

The goal of Common Sense’s AI project is to provide an AI ratings system for parents, educators, policymakers and regulators so they can evaluate what makes certain tools like OpenAI’s ChatGPT safe or unsafe for children. Additionally, the nonprofit is offering online AI literacy courses intended to help parents and educators teach basic AI fundamentals to children.

The full scope of AI’s capabilities and potential for societal harm became more clear to Newmark by the time companies began “modifying search engines to use generative AI.”

“I realized that if a search engine was using sources that weren’t reliable, if the sources were about lying to people, that would create a big, ethical problem, and you really don’t want a news source of any sort to knowingly lie,” Newmark said.

Newmark is concerned that bad actors will use generative AI to more easily amplify and spread disinformation. At the same time, he’s worried that tech companies, particularly in social media, “aren’t even trying anymore to get rid of stuff they know is dishonest,” he said.

Tech companies like Meta, Amazon and X (formerly known as Twitter) recently laid off numerous trust and safety workers as part of major cost-cutting initiatives, but have said that the downsizing won’t affect the safety of their platforms.

‘Bad uses’ of the internet

Meanwhile, AI has the potential to profoundly affect society, like the internet and the printing press before it, Newmark said. That’s an area where he has notable expertise. Craigslist was both hugely disruptive to newspapers and their classified ads sections, and has been a site that’s attracted criminals and scammers.

Few people predicted the “bad uses” of the internet, which has allowed nefarious actors to “mostly lie to people in large numbers,” Newmark said.

“I guess the profits to be made in being a really good professional liar, those profits have greatly increased because the internet is a big amplifier,” Newmark said. “It’s everyone’s printing press, and you get to use it as a printing press, whether your intentions are good or bad.”

Newmark said he became interested in language-generating software like ChatGPT in the early 1970s, “when people were beginning to talk about language understanding and neural networks.” However, he says, “I didn’t really understand it.”

Now the technology is here and spreading rapidly.

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Newmark said he doesn’t want to name names when it comes to the organizations he fears are creating the most societal discontent through AI, because he’s previously been scarred for getting that specific.

“In the past when I’ve pointed out major problems, I’ve learned the hard way that I’m no match for someone who lies for a living,” Newmark said. “So, I’m allowing myself to be chickens—.”

Rather, he said he relies on “people who are both braver and smarter” to call public attention to those matters.

“Protecting kids when it comes to AI is a big issue,” Newmark said, regarding his donation to Common Sense Media. “I have no idea how I would go about getting started, but I know where to put my money where my mouth is.”

Why Common Sense?

“A lot of groups and politicians talk about protecting kids,” Newmark said. “But these guys are the real deal, and so I’m helping them.”

Misinformation and journalism

Newmark acknowledged that the topics of misinformation, journalism and content moderation have become more polarized and politicized of late. House Judiciary Chair Jim Jordan, R-Ohio, alleged that tech companies unfairly censor conservative speech, and he’s undertaken a “censorship investigation” to probe suspected ties between the executive branch and certain technologists and researchers.

Several academics previously told CNBC that the politicized landscape has led to some organizations cutting back on funding research into combating misinformation for fear of being publicly criticized.  

“Some people are backing off, some people are getting braver. Again, I’m not very brave,” Newmark said. He highlighted the Knight Foundation and Ford Foundation as organizations that are “doing brave things.”

Within journalism, Newmark’s most high-profile endeavor is the City University of New York’s Craig Newmark Graduate School in Journalism. The program was renamed in 2018 after Newmark endowed the school with a $20 million gift, though he made prior contributions in 2016 and 2017.

He also donated $20 million in 2018 to help fund The Markup, which describes itself as a “nonprofit newsroom that investigates how powerful institutions are using technology to change our society.” That project quickly became controversial after founding Editor-in-Chief Julia Angwin said she’d been fired over email by co-founder and Executive Director Sue Gardner.

Still, Newmark says both the CUNY journalism school and The Markup have been successful, while other efforts “have not been successful, and I’m being discreet about them because I’m still trying to help before I have much sterner talks.”

He pegs his philanthropy success rate at “70% or 80%, which is good, but it’s not 100.”

In terms of where he spends his time online, Newmark said he still posts on X, primarily to promote and highlight the work of teachers. However, he said the site is losing its effectiveness as it leans toward showing people algorithmically recommended posts.

Thilina Kaluthotage | Nurphoto | Getty Images

“As a social network, Twitter does seem to be gone,” Newmark said, adding that he’s trying out rivals like Bluesky, Mastodon and Meta’s Threads.

In particular, Newmark said he likes “like the spirit of Mastodon and Bluesky,” which he likened to the early days of the internet when it took a long time for websites to build devoted audiences.

“The audience development is very slow,” Newmark said. “Twitter and everything else grew slowly and the other sites are growing slowly, and yet we are impatient and we want to see network effects now.”

Cybersecurity is another area of focus for Newmark. He pointed to a recent $100 million commitment announced in March to a collection of organizations working on cyber-related issues, like combating the spread of ransomware and creating methods for tech and security companies to share threat information.

He said the total number will probably exceed $100 million, because he’s already “broken through $80 million.”

In June, Newmark’s philanthropy arm also pledged to donate $100 million to multiple organizations supporting veterans and military members, who “sometimes have to choose between decent housing or feeding their families,” Newmark said. He called the treatment of that community “a national security matter.”

“There’s nothing virtuous in that,” Newmark said about his donations, noting that he doesn’t spend his money on “yachts or fast cars.”

“It’s more satisfying to give it away,” Newmark said. “Again, that’s not pious or altruistic. It’s just what I was taught in Sunday school.”

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CNBC Daily Open: U.S. stocks retreat from highs as Broadcom leads tech sell-off

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CNBC Daily Open: U.S. stocks retreat from highs as Broadcom leads tech sell-off

Signage at the Broadcom Inc. headquarters in San Jose, California, U.S., on Monday, June 2, 2025.

David Paul Morris | Bloomberg | Getty Images

The sell-off in artificial intelligence stocks continued unabated Friday stateside. Broadcom shares tumbled more than 11% as investors grew concerned over lower margins and uncertain deals. Names such as Nvidia, Advanced Micro Devices and Oracle fell in sympathy, which caused major U.S. indexes to close lower.

It was a motif patterning the week. Even though the Dow Jones Industrial Average rose 1.1% week on week on the back of outperformance by financial stocks, tech names dragged down the S&P 500 and the Nasdaq Composite, which fell 0.6% and 1.6% respectively for the week.

That said, investors could have just been jittery amid the narrative of an apparent AI bubble, and were spooked by any sign of bad news. After all, Broadcom’s earnings — as well as its guidance for the current quarter — breezed past expectations.

“Frankly we aren’t sure what else one could desire as the company’s AI story continues to not only overdeliver but is doing it at an accelerating rate,” Bernstein analyst Stacy Rasgon, who has a “buy” rating on Broadcom, wrote in a Friday note.

Future prospects also look rosy, according to UBS. “We expect high profitability and the accelerating impact of the AI, power and resources, and longevity themes to drive 2026 performance,” said strategist Sagar Khandelwal.

But in the near term, investors may still be flighty, unless something concretely reassuring, such as Oracle achieving positive cash flow, reassures them the snapping sound is just a twig in the forest.

What you need to know today

U.S. stocks dragged down by AI names. Major indexes fell Friday, a day after they hit record highs. Asia-Pacific markets traded lower Monday. South Korea’s Kospi retreated roughly 1.5% as of 2:45 p.m. Singapore time (1:45 a.m. ET), leading losses in the region.

China’s economic slowdown deepens. Even though the country’s retail sales and industrial production grew year on year in November, their increase missed forecasts and slowed from the previous month. Investment in fixed assets in the January-to-November period contracted from a year earlier.

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Hong Kong court finds Jimmy Lai guilty. The 78-year-old pro-democracy activist and media baron was ruled guilty of sedition and collusion with foreign countries by a Hong Kong court on Monday. The results might unsettle foreign investors, analysts say.

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And finally…

Copper prices have soared this year, hitting multiple record highs, fueled by supply disruptions and fears over U.S. tariffs.

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Copper could hit ‘stratospheric new highs’ as hoarding of the metal in U.S. continues

Copper prices have hit multiple record highs this year, fueled by supply disruptions and as fears over U.S. tariffs have led to a surge in demand. The rally is set to continue into 2026.

Citi analysts expect prices of the red metal to skyrocket on the back of stronger demand led by the energy transition and artificial intelligence sectors. Electrification, grid expansion and data-center build-outs require large amounts of the metal for wiring, power transmission and cooling infrastructure.

— Lee Ying Shan

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CNBC Daily Open: Investors sell off tech despite steady Broadcom numbers

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CNBC Daily Open: Investors sell off tech despite steady Broadcom numbers

Signage at the Broadcom Inc. headquarters in San Jose, California, U.S., on Monday, June 2, 2025.

David Paul Morris | Bloomberg | Getty Images

The sell-off in artificial intelligence stocks continued unabated Friday stateside. Broadcom shares tumbled more than 11% as investors grew concerned over lower margins and uncertain deals. Names such as Nvidia, Advanced Micro Devices and Oracle fell in sympathy, which caused major U.S. indexes to close lower.

It was a motif patterning the week. Even though the Dow Jones Industrial Average rose 1.1% week on week on the back of outperformance by financial stocks, tech names dragged down the S&P 500 and the Nasdaq Composite, which fell 0.6% and 1.6% respectively for the week.

That said, investors could have just been jittery amid the narrative of an apparent AI bubble, and were spooked by any sign of bad news. After all, Broadcom’s earnings — as well as its guidance for the current quarter — breezed past expectations.

“Frankly we aren’t sure what else one could desire as the company’s AI story continues to not only overdeliver but is doing it at an accelerating rate,” Bernstein analyst Stacy Rasgon, who has a “buy” rating on Broadcom, wrote in a Friday note.

Future prospects also look rosy, according to UBS. “We expect high profitability and the accelerating impact of the AI, power and resources, and longevity themes to drive 2026 performance,” said strategist Sagar Khandelwal.

But in the near term, investors may still be flighty, unless something concretely reassuring, such as Oracle achieving positive cash flow, reassures them the snapping sound is just a twig in the forest.

What you need to know today

U.S. stocks dragged down by AI names. Major indexes fell Friday, a day after they hit record highs. The pan-European Stoxx 600 retreated almost 0.5%. Separately, the U.K. economy unexpectedly shrank 0.1% in the three months to October.

Oracle will finish data centers on time. The company issued its response to a Bloomberg report, which cited unnamed people, that Oracle will complete data centers for OpenAI in 2028 rather than 2027. “There have been no delays,” Oracle said.

Coinbase to have an in-house prediction market. It will be powered be Kalshi, a source close to the matter told CNBC, and is a play to expand asset classes available on the cryptocurrency exchange.

The end of the ‘Berkshire way’? Several aspects of Berkshire Hathaway’s leadership transition are signaling that the conglomerate is drifting away from the famously decentralized “Berkshire way,” CNBC’s Alex Crippen writes.

[PRO] China’s food security strategy. The spate between Beijing and Washington over soybean purchases has highlighted the evolution of China’s domestic agriculture industry. Goldman Sachs thinks this is the best way to play the sector.

And finally…

A bear statue stands outside the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt, Germany, on Friday, March 13, 2020. Top European CEOs are fearing a euro zone recession as a confluence of economic shocks continues to threaten the outlook for the bloc.

Alex Kraus | Bloomberg | Getty Images

Global week ahead: Europe under fire

U.S. President Donald Trump’s verdict on Europe: a “decaying” group of nations led by “weak” people. His criticism in a recent Politico interview adds to a tough period for the bloc, with challenges on multiple fronts testing European leaders in the final weeks of the year.

This week looks set to be critical, with a high-stakes summit in Brussels and the European Central Bank’s final policy meeting of the year. Key topics for this week include defrosting frozen Russian assets for Ukraine aid; EU vs. U.S. in trade and tech, and updated economic figures at the ECB meeting.

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Broadcom and Costco’s rich valuations leave little room for error as battleground stocks

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Broadcom and Costco's rich valuations leave little room for error as battleground stocks

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