I guess the upside is that a stock can’t fall below zero, so there’s an end in sight to the ongoing destruction of jobs and shareholder wealth at Yahoo. The stock closed at $13.76 today, down another 5.6%. And this isn’t just part of the market’s overall meltdown – the Nasdaq fell just 0.8% today, and Google, Yahoo’s main direct competitor, was down just 2.3%.
At this point I’ve moved beyond wondering how Yahoo’s senior management manages to keep themselves in power. The private equity funds who agreed to let Yang and Decker stay in power after the shareholder vote last summer have some real explaining to do to their investors, too.
Yahoo has no game plan, and the markets tend to notice these things. It’s time for an intervention.