Dan Loeb, the billionaire founder and principal owner of Third Point LLC, the $14 billion activist hedge fund, has made about $1 billion for himself and his investors from a two-year crusade to increase Yahoo! Inc.’s stock price. He’s been extraordinarily successful; the shares trade for about $33 these days, up from about $13.50 when Loeb started buying them in September 2011.
Yahoo! Inc. surged after firing Chief Executive Officer Carol Bartz, whose reign was marked by falling sales, lost share to rivals and a dispute with Asian partners that stunted growth in the world’s largest Web market.
Carol Bartz arrived at Yahoo! Inc. in January 2009 with a reputation for tough talk and turnarounds, having revived design software maker Autodesk Inc. The two California companies are 65 miles apart and worlds apart culturally -- a gap she has been unable to bridge.
Months after becoming Twitter Inc.’s finance chief, Mike Gupta is talking to banks about handling the company’s initial public offering, a sign that the most anticipated stock-market debut since Facebook Inc. is getting closer -- and that Gupta will play a key role in it.
Yahoo! Inc. hired Scott Thompson as chief executive officer, asking the former president of EBay Inc.’s PayPal unit to complete a strategic review and reverse a growth slump that led to the September ouster of Carol Bartz.