David Karp – Yahoo Deal
Over the weekend, the Board of Directors of Yahoo! Inc. approved a deal which will allow them to acquire the social network Tumblr for $1.1 billion IN CASH. Yahoo CEO Marissa Mayer has been aggressively trying to close the Tumblr deal for the last six weeks. This acquisition is part of Mayer's strategy to go after a younger, hipper, mobile friendly audience. It comes on the heels of last month's $30 million acquisition of Summly, a mobile text summarization app that was created two years ago by a 15 year old in his childhood bedroom. Following suit, Tumblr's CEO David Karp is a 26 year old high school drop out who built the social blogging platform while still living at his mother's New York City apartment back in 2007.
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