The end of an internet era has come with the resignation of Jerry Yang, the 43-year-old co-founder of Yahoo, from his position on the company’s board after 16 years.
Yang’s reign as chief executive, between June 2007 and January 2009, included the disastrous decision – from Yahoo shareholders’ point of view – to reject a $44.6bn (£29.1bn) takeover offer from Microsoft in February 2008, which priced the company at a 50% premium on its share price at the time.
Yang’s rejection was based on internal forecasts that suggested that Yahoo would grow to become worth far more than Steve Ballmer’s offer — which turned out to be completely wrong, a fact that was exposed by the credit crunch and the collapse of Lehman Brothers in September 2008, followed by a downturn that has exposed Yahoo to increasing pressure from competitors such as Facebook and Twitter.
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