Friday, August 27, 2004
Yahoo Sells Most Of Its Google Shares
Yahoo sold 2.3 million of its 2.7 million Google shares on Tuesday, netting a cool $191 million. The shares were given to Yahoo by Google in return for a dropped lawsuit and a patent license. Strangely, Yahoo sold the shares at an average of $82.62, well below the 103.57-111.60 Google traded at on Tuesday, or the 106.15 Google is worth at the close of this week's trading. By selling the shares for far below their value, Yahoo lost between $51 and $68 million.