"... there is a persistent, widespread view that Newmark’s humble-looking site destroyed classified advertising, one of the newspaper industry’s most valuable cash cows. Last October’s New York Times article – the one that called him a 'villain' – stated: 'Researchers eventually estimated that Craigslist had drained $5bn from American newspapers over a seven-year period. In the Bay Area, the media was especially hard hit'.”
https://www.theguardian.com/technology/2019/jul/14/craigslist-craig-newmark-outrage-is-profitable-most-online-outrage-is-faked-for-profit