Yahoo’s Board Rejects Plan to Spin off Its Stake in Alibaba
Yahoo's $31 billion stake in Alibaba helps the company to maintain a market value of more than $32 billion.
On Wednesday, Yahoo's board of directors shelved the plans of spinning off Alibaba shares and creating a new company, which is the cash cow of the Yahoo.
On Wednesday in a conference call with investors Yahoo's Maynard Webb said, "We are aligned with the management team in our commitment to drive shareholder value." The company's move comes after several days of meetings.
Marissa Mayer said that Yahoo Japan "is a very important business partner", however for the moment "the highest priority is the Alibaba equity stake and we're focused on that." One more year passed with Yahoo trying to distract investors and trying hard to bring a turnaround headed by CEO Marissa Mayer. Ms. Mayer is currently in her fourth year making efforts to spike the revenue growth but continually failing in her efforts.
The company decided to keep its close to $31 billion stake in Alibaba under its Yahoo name rather than spinning off the remaining business, that also includes Yahoo Japan and its core internet business into a separate company.
New Zealand News
- Tesla Model Y Performance becomes little bit more expensive to order in China
- Porsche’s recently unveiled Mission R Concept previews electric race cars of future
- Chinese manufacturer GAC’s Aion V e-SUV can charge 0-80% in just 8 minutes
- Oshidori International exits Japanese casino race, citing serious ethical irregularities
- CATL and LG Energy account for nearly 54% of global xEV battery market: SNE Research
- Italian motorcycle racer Valentino Rossi enters e-bike business with VR46 MTB range
- Micro Mobility shows off production version of Microlino 2.0 and 3-wheeled e-scooter
- Chinese electric motorcycle maker Evoke Motorcycles to set up shops in Spain
- TenneT adds more electric BMWs to study use of EVs to support power grids
- Italy’s ASPI announces plans to install cross-country ultra-fast EV charging network