Boone Pickens sells all his Yahoo! shares, at a loss

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crgarcia

Investor Pickens drops Yahoo shares: report

Tuesday July 29, 10:00 am ET

NEW YORK (Reuters) - Billionaire oil investor T. Boone Pickens has sold his entire stake of Yahoo Inc (NasdaqGS:YHOO - News) shares in frustration over its failure to reach a deal with Microsoft Corp (NasdaqGS:MSFT - News), the San Francisco Chronicle reported on Tuesday.

Pickens bought 10 million Yahoo shares in May, backing a bid by activist shareholder Carl Icahn to bring the Internet pioneer back to the negotiating table over a $47.5 billion takeover offer from Microsoft.

Last week, Yahoo reached a settlement to put Icahn and two of his nominees on its board after efforts to revive a Microsoft bid failed. The deal with Icahn spared Yahoo from a proxy battle at its annual meeting on Friday.

"I think that Yahoo management was pathetic," Pickens was quoted as saying to the San Francisco Chronicle's editorial board. He sold his entire holdings at a loss, the report said.

Pickens could not immediately be reached.

Shares in Yahoo rose 3 cents to $20.15 on Tuesday, well below a $33 per share offer Microsoft made in early May before negotiations broke apart.

(Reporting by Michele Gershberg; Editing by Derek Caney)


http://biz.yahoo.com/rb/080729/yahoo_investor.html
 
He said in a CNBC interview that he only bought it because he was following Carl and really had no clue what was going to happen with it. I'm sure we've all lost money following "tips". Even a billionaire shows that this is not usually a good strategy. He'll be ok though :).
 
this much

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When you are offered 47.5 billion You take it.

Pickens played it right. Yahoo is stupid.
Now Pickens takes a loss like any trader should.
 
Quote from turkeyneck:

How much did he lose?
More...

It was reported that he owned 10m shares at somewhere around $24 - $28 per share. I was say he dropped somewhere around $60m roughly give or take a few million.
 
Quote from brocklanders:

It was reported that he owned 10m shares at somewhere around $24 - $28 per share. I was say he dropped somewhere around $60m roughly give or take a few million.
More...

He's taking loss on YHOO to offset gains on his oil stocks?
 
Carl Icahn made a $22 bid for WCI on May 2007..$965 million in total.
The company rejected the offer. They should have known better.
WCI trades $1.27 today, it is in default on bank loans..
The story from May 2007..
http://www.nypost.com/seven/0512200...hns_arm_for_more_cash_business_paul_tharp.htm
When it comes to Boone Pickens, he put his money in something that he did not know well, took his loss, moved on.
If someone reminded him Icahn's WCI screwup, I bet he would not do it..
 
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