Billionaire moves in on Yahoo
Tuesday, December 2, 2008/
Just weeks after Yahoo chief executive Jerry Yang stepped down, major shareholder Carl Icahn has upped his stake in the company by purchasing a further 6.77 million shares. Icahn has acquired the shares for $US67 million, taking his stake to 5.4%.
Yang and Icahn were involved a public debate when Yang rejected a $US47 billion takeover bid from Microsoft. As a truce, Icahn and two others were given seats on the company’s board.
Since Yang’s departure, rumours have spread about who will take his place, and Icahn’s acquisition of more shares may be a sign he’s edging in for the top job.
Yahoo’s shares plummeted during Yang’s stint as chief executive, and some criticised his approach to the company, saying his emotional attachment blinded him to better opportunities for the business. Yahoo shares jumped 8.7% last Friday to reach $US11.50.