Yahoo’s stock reached a symbolically important milestone when it topped $30 for the first time since February 2008, a goal that seemed unattainable until Yahoo! hired Marissa Mayer as its CEO last year.
The stock reached $30 for the first time since 2008, when Yahoo co-founder and then-CEO Jerry Yang was creating ways to fend off an unsolicited takeover bid from Microsoft. The bid was later withdrawn after months of fruitless negotiations.
Yang insisted that Yahoo would be more than $31 for every share that Microsoft first offered. After Microsoft scrapped the proposed agreement, Yahoo’s shares went into a slump.
It dropped as low as $8.94 under the management of five different CEOs before Marissa Mayer took over.
800 million active users
Since then, Yahoo’s shares have almost doubled in value as Mayer has taken strategies to boost employee morale, spent over $1.2 billion on startup acquisitions, redesigned major products, and used the money from an extra investment in Chinese web firm Alibaba to return more than $3 billion to stockholders.
Yahoo! got its latest growth after Mayer appeared at a technology conference and announced that the company’s online services are now attracting around 800 million monthly active users.