Yahoo’s shares have risen with the announcement of Billionaire investor Carl Icahn’s increased stake in the company. The filing with the Securities and Exchange Commission shows that Icahn bought 6.8 million Yahoo shares worth of around $67 million, in three days over the current week. The billionaire contains a seat in the company’s board. With this disclosure, Icahn’s total Yahoo shares have risen to 75.6 million. This move comes in after Jerry Yang stepped down as the CEO of the company. Yahoo is still looking for Jerry Yang’s replacement. Company’s shares at the end of the session rose 93 cents and closed at $11.51.
I think, with that purchase, Carl Icahn will have more shares than Jerry Yang. He just wants to make sure that the latter does not have more weight in the choice of the next CEO.
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