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Billion dollar deal makes 26-year-old America's next tech tycoon: High school drop-out behind blogging site Tumblr sells it to Marissa Mayer's Yahoo! |
Yahoo Inc. has agreed to pay $1.1 billion for Tumblr, a six-year-old company with more than 100 million users but very little revenue, a deal that highlights the shifting balance of power in the technology business. According to Micheal Wolff, Yahoo buying Tumblr is not a turnaround story Yahoo is still sinking. The Tumblr purchase is an effort to salvage what value is left for activist investor Dan Loeb.
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CEO Tumblr David Karp and CEO Yahoo Marissa Mayer |
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