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This Is the First Item Ever Sold on eBay

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In honor of eBay’s 20th anniversary Thursday, note that one of the most valuable brands on the Internet started with the sale of one of the least valuable items imaginable: a broken laser pointer.

Over Labor Day weekend in 1995, the site’s founder Pierre Omidyar wrote code for “AuctionWeb” and launched it as a personal project out of a spare bedroom in his Silicon Valley town house. He had bought a $30 laser pointer with the intention of using it to make flashy presentations, but ended up using it to make his cat chase the red dot, according to The Perfect Store: Inside eBay, a book written by former TIME senior writer Adam Cohen. Omidyar decided to list the $30 laser pointer, which broke two weeks after it was purchased, because “it would be a good way to test out AuctionWeb, he figured, and it would cost him nothing,” Cohen wrote. In the listing, he admitted the item didn’t work, even with new batteries. While no one bid on it for a week, a bidding war started the next week, and the product first listed for $1 ended up selling for $14.83.

Four years later, Cohen wrote, AuctionWeb — known as eBay — had grown to be an “online retailer valued at more than Sears, or Kmart and JCPenny.” Today, Forbes reports Omidyar’s personal net worth is $8.4 billion and lists the site as one of the “50 most valuable brands in the world. It boasts 157 million buyers, about 25 million sellers, and 800 million listings.”

Read Next: The 20 Weirdest Things Ever Sold on eBay

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Employees collect merchandise ordered by customers for shipment from the Amazon.com distribution center in Phoenix, Arizona, Nov. 26, 2012.
Employees collect merchandise ordered by customers for shipment from the Amazon.com distribution center in Phoenix, Arizona, Nov. 26, 2012. David Paul Morris—Bloomberg/Getty Images
A worker collects order items at the Fulfilment Centre for online retail giant Amazon in Peterborough, central England, on Nov. 28, 2013.
A worker collects order items at the Fulfilment Centre for online retail giant Amazon in Peterborough, central England, on Nov. 28, 2013.Andrew Yates—AFP/Getty Images
Merchandise sits on shelves before shipment at the Amazon.com Inc. distribution center in Phoenix, Arizona, Nov. 26, 2012.
Merchandise sits on shelves before shipment at the Amazon.com Inc. distribution center in Phoenix, Arizona, Nov. 26, 2012. David Paul Morris—Bloomberg/Getty Images
An employee packs merchandise for shipment at the Amazon.com Inc. fulfillment center in Phoenix, Arizona, Dec. 2, 2013.
An employee packs merchandise for shipment at the Amazon.com Inc. fulfillment center in Phoenix, Arizona, Dec. 2, 2013. David Paul Morris—Bloomberg/Getty Images
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A picture shows the Fulfilment Centre for online retail giant Amazon in Peterborough, central England, on November 28, 2013, ahead of Cyber Monday on December 2nd, expected to be one of the busiest online shopping days of the year.Andrew Yates—AFP/Getty Images
BRITAIN-US-RETAIL-COMPANY-AMAZON
An employee packs orders in the Fulfilment Centre for online retail giant Amazon in Peterborough, central England, on November 28, 2013, ahead of Cyber Monday on December 2nd, expected to be one of the busiest online shopping days of the year.Andrew Yates—AFP/Getty Images
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Employee Maria Miller loads boxes onto a conveyer belt for shipping at the Amazon.com Inc. distribution center in Phoenix, Arizona, U.S. on Monday, Nov. 26, 2012. David Paul Morris—Bloomberg/Getty Images
Interior view of the hall of a logistics center of the online shopping company Amazon, taken on March 26, 2014 in Leipzig, eastern Germany.
Interior view of the hall of a logistics center of the online shopping company Amazon, taken on March 26, 2014 in Leipzig, eastern Germany. Peter Ending—AFP/Getty Images
Packages sit in regional delivery dividers ahead of distribution at the Amazon.co.uk Marston Gate 'Fulfillment Center,' the U.K. site of Amazon.com Inc. in Ridgmont, United Kingdom, Dec. 3, 2012.
Packages sit in regional delivery dividers ahead of distribution at the Amazon.co.uk Marston Gate 'Fulfillment Center,' the U.K. site of Amazon.com Inc. in Ridgmont, United Kingdom, Dec. 3, 2012. Simon Dawson—Bloomberg/Getty Images

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Write to Olivia B. Waxman at olivia.waxman@time.com