If this is true, not only is he a truly incompetent CEO, he is also just an awful person..
Silicon Alley Insider Reports:
Yahoo (YHOO) will drop the axe on December 10, Kara Swisher says, smack in the middle of the holidays (earlier, Jerry said Thanksgiving).
The company is still reportedly planning to can about 1,500 Yahoos. A cut of that size would only roll the company’s workforce back to Q2 levels, and, in our opinion, it would leave Yahoo in a position where it might have to make further cuts next year. This is not the way to set the company up for a clean, fresh start.
In better news, Yahoo and AOL are reportedly far apart on price in their merger negotiations: AOL’s at $6 billion, Yahoo’s at $3 billion. Given how little interest either side has in doing this deal, it would almost certainly be a disaster if they did it, so better to just let it go. (If Yahoo can get AOL for $3-$4 billion, however, it should take it).
So, with shares at $10, does the $33 a share offer from Microsoft (MSFT) seem so insulting now? I already documented some firsthand information about the mental state of Yahoo employees as they have watch Jerry wash their saving away in some bizarre line in the sand stand, now they have the specter of wondering if they are the ones to go before the Holidays. Nice work Jerry.
Carl Icahn and several other investors who owned shares during the Microsoft talks all have said the same thing. Upper management and the Board at Yahoo are by far the worst bunch out there. It is hard to argue this is anything but a willing destruction of shareholder value or delusional thinking…too close to call.
Every piece of subsequent news to come out since then has only reinforced that…
Disclosure (“none” means no position):None
Visit the ValuePlays Bookstore for Great Investing Books