When Microsoft CEO Steve Ballmer took his bat and ball and headed back to Redmond, Yahoo's founding duo of Jerry Yang and David Filo saw nine-figure paper losses today.
As the market cap for Yahoo declined today from Microsoft's valuation of it at $47.5 billion to a closing value on Wall Street of $33.6 billion, Yahoo's insiders with substantial holdings experienced a decline in value along with the company. Though many managers at Yahoo are ruing the lost opportunity Microsoft offered, as Bloomberg, Yang watched $232.7 million evaporate from his stake today. Filo experienced a more precipitous fall, of $347.6 million. Not exactly coins dropped in the seat cushions, is it? Don't worry, both men have been billionaires for nearly a decade; as much as Yahoo's institutional investors would prefer Yang to be answering to the title of barista today, it's not going to happen. Their lawyers could be fielding frantic calls, as counsel for shareholders suggest potential legal redress for the loss of Microsoft's big bid that lifted Yahoo out of a two-year slump on Wall Street."There's going to be breach of fiduciary duty lawsuits and I must tell you they are looking pretty good right now," he said. Any additional lawsuits would stack up with
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