The Oil Man’s 10 million share stake in Yahoo!
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The Oil Man’s 10 million share stake in Yahoo!

July 29, 2008 – 8:53 pm – No Comment

T. Boone Pickens sold his entire stake in Yahoo today after buying 10 million shares in the company in May. The average price for Yahoo! in May was $26.78. It has recently fallen to around $20. With 10 million shares, he took an estimated loss of $67,800,000. A drop in the bucket for a billionaire I suppose.

He bought into Yahoo to try to back Carl Icahn’s attempt to get Yahoo to sell to Microsoft. Microsoft attempted to buy Yahoo for $47.6 billion.

Yahoo felt as though they weren’t being offered enough for their company, so no sale took place.

Jeremy
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