Kara Swisher

Recent Posts by Kara Swisher

Icahn't Get Rid of Yahoo Stock Fast Enough: Billionaire Investor Pares Down

Carl Icahn took another big step into Internet investing oblivion yesterday by dumping even more of his once-massive Yahoo stock stake.

According to regulatory filings, the activist investor–who once stalked Yahoo like Captain Ahab (and just as wackily)–dumped eight million shares in the past three months, going from 12 million to four million.

This has pretty much been Icahn’s selling pattern for the last year.

At the height of his pursuit of Yahoo (YHOO) and fruitless efforts to sell it to Microsoft (MSFT), which resulted in his appointment to the board of the Internet giant and little else, he owned 75 million shares.

Icahn is no longer a Yahoo director–he stepped down last fall–and his shares were all bought at a significantly higher price, so he is likely taking a bath by owning Yahoo stock.

Icahn’s latest prey is Lions Gate Entertainment (LGF), which he is trying to take over. Good luck with the big-game hunting, Carl!

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work