They are regarded as an active investor, an active shareholder.
To some extent, this was expected.
He pushed for the ouster of the former ceo, helped to bring in marissa mayer, and in many cases, they succeeded.
The stock is at a high right now.
The stock is nearly double what it was when he joined the board, and i think there is a sense that he has accomplished something.
The turnaround, maybe some people are surprised he is leaving early on, because marissa mayer is only getting started in her turnaround effort.
She reported earnings that kind of missed some estimates last week, and she is still in the early stages of the yahoo!
Maybe he has seen that he has run his course, but she will have the opportunity to do that without him now.
You make the point that he is an activist hedge fund manager.
He has made about $500 million so far on his position.
You can make the argument and to his investors to make money when they can.
Who do you think should take those board seats?
Because there are three available.
A lot of sources are even telling us that maybe one or two more should be added.
We are getting a sense that they're going to go out and add members to the board.
This may be heard chance to radically remade the board.
She brought in some candidates during her time as ceo, in she brought in one that was from silicon valley, one of the early paypal guys.
She has also pushed for a permanent chairman of the border, also a technology industry veteran.
I think she is showing a preference to fill her bored with silicon valley and tech veterans.
But what does she need right now in her turnaround proved you can argue that she needs some veterans of media and advertising.
Right now, she is in the early stages of her turnaround.
Getting employees energized.
But they need to get advertising back on board with the yahoo!
Plan, so perhaps look for her to add somebody from that world, as well.
Doug, we always appreciate it.
He covers yahoo!
For us at bloomberg.
And we bring in a senior technical analyst says investors should be concerned with these changes.
I am going to take the other side of the argument.
You probably heard my colleague from san francisco saying, look, he is just doing his job.
This does not signify anything for hyundai.
You have a different opinion.
I think if investors want to ask themselves if he is selling, perhaps it is time to ask why he is moving on, because the core business of yahoo!
Is still very much struggling.
You can see what has happened under his one-year of boards to -- , but the reality is, the core business is still facing major issues.
We think a lot of reasons investors are involved in not is because of the performance of alibaba.
If he thought the performance of alibaba was going to produce even more gains in the yahoo!
Stock, then, perhaps, he would not have been a seller.
This is a big move to sell $1.20 billion worth of stock and step down off of the board in 10 days.
It seems like this is not some and he was considering until fairly recently, and as you know, when you are either a big buyer or a big seller, you have certain moments of opportunity, and apparently, one of those windows presented itself to take an opportunity.
It is a wonderful return.
Now, unfortunately, the buyback that have been driving the stock, the alibaba, that got changed.
Another $5 billion buy back has very little left on it, $700 million.
This is a significant drawdown.
It is also a significant drawdown of their cash.
What they sold declined by 2%. the price of advertising dropped on the displays side.
The revenue, once again, a decline year over year on a net basis.
The buyback to support the stock is now gone.
I understand what you are saying.
You have some basic concerns about the core business.
I want to go back to what you said about alibaba.
There are more goods traded, bought or sold, however you want to phrase it, than with the big band with amazon.
Their stake in the company still less to stand for something.
Absolutely, but i think that is very widely known.
Everybody tracks it.
The privately-held company in china, we have limited data.
We have revenue and what was given in their sec filings and their earnings report.
The expectations are already quite lofty.
There are some people talking $100 billion, $120 billion, so i think the alibaba state is already known.
The core business remains under pressure.
All right, well stated.
Thank you very much.
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