Yahoo’s core internet business has been sold to Verizon for $4.8 Billion and the remaining portions of the company left behind is renaming itself to Altaba Inc, which marks the sad ending of one of the most familiar brand names on the internet.
The Securities and Exchange Commission (SEC) on Monday, the company announced that after the planned sale of its core business to telecom giant Verizon, the leftover would change its brand name to Altaba.
The newly formed company will operate as an investment company, and only five board members will remain at the company including Tor Braham, Catherine Friedman, Eric Brandt, Jeffrey Smith and Thomas McInerney.
The rest of the company’s board, including Yahoo CEO Marissa Mayer and co-founder David Filo, will step down from Altaba Inc. Mayer may be appointed for a role in Yahoo’s integration at Verizon, though her position has yet to be announced.
Mayer’s intention to resign from the new board is “not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices,” says the filing.
The Yahoo acquisition deal was rumored to be on the rocks after the company disclosed multiple security breaches a few months ago affecting more than 1 Billion users.
over three months ago, Yahoo was also accused of building a secret backdoor in its system to scan the emails of hundreds of millions of its users at the request of a U.S. intelligence service.
After Verizon had learned about those disclosures about hacking and spying, it was expecting a discount in the Yahoo acquisition deal, which may still be announced before the deal closes.
Founded by Stanford graduates Jerry Yang and David Filo in 1994, Yahoo was once the king of the Internet, but it lost out to more innovative rivals including Google and Facebook.
Yahoo was once a $125 billion behemoth as big in its time as Facebook or Google are today, but Mayer’s time at the company has been marred by slowing growth and internal dissent, which leads to the end of one of the pioneers of the early internet era.
That backdoor for usa intelligence was first reported like 10 years ago. That’s why Russia and China don’t run any usa/west software/hardware in any of their state infrastructure.
Waende wakikaukanga. A guy hacked my email and sent some emails to peopl then tbey closed my account I tried pkeading my case but they told me to go to a US court nikawaita maumbwa. But nilikua na account mbili .com na .uk
when Gmail got hacked, Google execs went on a hiring spree of security pro’s to make Gmails as secure as possible, all the funds were given to the team.
when Yahoo got hacked the secuty team was given the least funding, they even discovered a government backdoor but the management brushed off their claims. nilihama yahoo kitambo after that