Although Yang had publicly expressed his desire to remain at the helm, Yahoo's board faced intensifying pressure to cast him aside as the company's shares plunged to their lowest levels since early 2003. The stock fell 19 cents Monday to close at $10.63 — a fraction of Microsoft's last bid of $33 per share in early May.
NVDL: The question for the future is this: will the internet be a boon to a world in recession? In a world where there are so many alternatives (radio and streaming audio, TV and DVD, newspapers and the internet) my guess is our choices are going to be a lot less. I have an idea that shopping on the internet might increase as people are less able to get around, or able to afford getting around.
The magazine market I feel is about to take a serious dive. Newspapers may do well again as the thirst for news increases. People will choose one or the other - buying newspapers or getting the news online, whichever is cheaper. The same will apply to everything else. Cheap is the Future.
Yang and Filo became two of the Internet's first billionaires not long after Yahoo went public in 1996 with fewer than 50 employees on the payroll. At the height of the dot-com boom, Yahoo's market value stood at $130 billion. It was less than $15 billion Monday.
Yahoo's remarkable rise began in 1994 when Yang and Filo began compiling a directory of their favorite Web links while working on their engineering doctorates in a trailer at Stanford University. They initially called their site "Jerry and David's Guide to the World Wide Web," only to later decide to switch to an acronym for "Yet Another Hierarchical Officious Oracle."
"All of you know that I have always, and will always bleed purple," Yang wrote Monday memo to employees, referring to the company's official color.
Microsoft CEO Steve Ballmer huffily withdrew the offer after Yang sought $37 per share. |
clipped from tech.yahoo.com
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