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T. Boone Pickens Dumps Yahoo Stock

added by Michael on 29 Jul 2008

The Reading Eagle reports that Billionaire T. Boone Pickens called Yahoo management "Pathetic", sold all of his Yahoo holdings.

SAN FRANCISCO (AP) -- Billionaire investor T. Boone Pickens has sold all of his holdings in Yahoo Inc. in a pique over the way the Internet company's management handled sales talks with Microsoft Corp.

Pickens told the San Francisco Chronicle that he sold all 10 million of his Yahoo shares at a loss, because he grew frustrated with the company's repeated rebuffs of Microsoft's advances.

"I think that Yahoo management was pathetic," Pickens told the Chronicle in a story published Tuesday.

Pickens declined to quantify his losses, but he acquired his stake in mid-May when Yahoo was trading between $24 and $28 per share.

Yahoo's stock price hasn't climbed above $22.50 for the past week, meaning Pickens probably lost tens of millions of dollars. Yahoo shares gained 3 cents Tuesday to finish at $20.15.

Other dismayed shareholders are expected to blast Yahoo Chief Executive Jerry Yang and his fellow board members at the company's annual meeting Friday.