Mark Cuban Believes Yang Is Too Nice And Should Have Sold To Microsoft
Yahoo! Inc. (NASDAQ:YHOO) is currently worth about $16 billion. Around April 1999, when Yahoo! was first rumored to be acquiring broadcast.com, they were worth about $34 billion. And as you remember, earlier this year, Microsoft made an offer to buy-out Yahoo! for about $47.5 billion.
Today Mark Cuban, founder of broadcast.com has more of a net worth than the founders of the company that bought his company out. The world works in funny ways. Whether it was a compliment or not, Cuban also pointed out that Jerry Yang, the current CEO of Yahoo! is “too nice a guy. He cares too much.”
Yahoo! also slashed 10% of their workforce recently as they were advised by Bain & Co. In an interview with Bloomberg TV, Cuban said that Yang should have taken the acquisition offer from Microsoft. That would have been a more competitive stance against Google Inc. (NASDAQ:GOOG) and jobs may have been preserved. After Yang turned down the acquisition offer, many executives left the company on their own.
Today Cuban is the owner of the Dallas Mavericks, co-owner of 2929 Entertainment, and Chairman of HDNet. Cuban is currently the #161 richest American according to Forbes. Yahoo! founders, David Filo and Jerry Yang are tied at rank 281.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry