Ugh. Sometimes the end does come with a bang and whimper at the same time.
Yahoo is giving up in search.
The stock lost 10% today, and will continue to descend to it's proper level of about $15 / sh. Until someone picks up the pieces for about half of what Yang was holding out for.
It's not just the shareholders - the search customers and Yahoo's regular users are all losers here. Not to mention the employees. It's not that fun watching a CFIT (controlled flight into terrain), which is what Yahoo! has been on ever since they hired Terry Semel.
Meanwhile, Google is up, and feeling good about the monopoly it has!
As Ash writes:
Microsoft offered $44.6B to acquire all of Yahoo! in early February.
Yahoo! Chief Yahoo spent 4 months trying to make that go away… today he settled for $800M in top line incremental revenue.
That means in some 50+ years (44.6B/$800M), investors will be indifferent. So net-net, “Jer”gets what he wants today, investors can go pound sand and come back in 2024.
Way to go, Jer.
I dumped my YHOO at $24.68 after MSFT pulled out. And I rolled it into GOOG. So I guess I can be thankful for that.
This is sad on so many levels. Back in 1995, I was the first employee of an ad serving company whose first customer was Yahoo!. It's sad to see Yahoo capitulate and march towards nothingness.
Oh, and did I mention that Jeremy Zawodny is leaving too. Need any more proof?
Maybe Yang and Decker can treat the remaining team to a premiere of "The Happening". Cause that seems depressingly similar to the nightmare Yahoo has committed against itself.