Pickens rips Yahoo management, sells entire stake - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Pickens rips Yahoo management, sells entire stake

SAN FRANCISCO (AP) - Billionaire Texas investor T. Boone Pickens has sold all of his holdings in Yahoo Inc. at a loss because he's made over the handling of sales talks with Microsoft Corporation.

Pickens says he sold his 10 million shares because he grew frustrated over Yahoo management's repeated rebuffs of Microsoft's advances.

The Dallas oilman wouldn't quantify his losses. But they were probably in the tens of millions of dollars. He bought his shares in mid-May when the price was $24 to $28 per share. The stock price hasn't climbed over $22.50 the past week.

Other dismayed shareholders are expected to blast Yahoo Chief Executive Jerry Yang and his fellow board members at the company's annual meeting Friday.

Pickens invested in Yahoo largely as a bet on activist investor Carl Icahn. The takeover artist launched a campaign to oust Yahoo's board in hopes of reviving Microsoft's bid.

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