T. Boone Pickens has had enough of the shenanigans going on over at Yahoo.
He told the SF Chronicle in an interview published on Tuesday that he has sold all of his 10 million shares, stating: "I think that Yahoo management was pathetic."
Pickens had bought his sizable stake in Yahoo back in mid-May when the stock was trading between $24 and $28 a share, no doubt betting on the influence of activist investor Carl Icahn who has since failed to remove Jerry Yang, the board, or to force a deal with Microsoft.
Ironically, Icahn has done the opposite and joined the 'inept' board. I guess for Icahn this was a clear case of the old adage of: 'if you can't beat 'em, join 'em!'
Clearly Pickens has absolutely no faith in the company making a decent recovery, or for obtaining the buyout deal. Yahoo's stock was trading at $20 and change in afternoon trading, well below Mr Pickens' purchase price.
Ouch!