- 58.com (NYSE:WUBA) is selling a controlling stake in its Guazi.com used car online marketplace business to co-CEO Mark Yang, the founder of classifieds site Ganji.com. The sale will leave 58.com with a 46% stake in Guazi.com.
- Yang will be stepping down as 58.com's co-CEO, leaving Michael Yao as the sole CEO. He'll remain co-chairman.
- The move comes seven months after 58.com bought a 43% stake in Ganji.com for $2.8B, a move that was applauded by investors for its potential to curb the the online classifieds rivals' heavy marketing spend.