Dan Loeb Helped Himself, Not Yahoo
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Dan Loeb, the billionaire founder and principal owner of Third Point LLC, the $14 billion activist hedge fund, has made about $1 billion for himself and his investors from a two-year crusade to increase Yahoo! Inc.’s stock price. He’s been extraordinarily successful; the shares trade for about $33 these days, up from about $13.50 when Loeb started buying them in September 2011.
But while Loeb was busy cashing in, what benefit did Yahoo’s 627 million unique monthly visitors (me among them) get from his 26 months (and counting) of ownership?