Altaba
{{short description|American investment company, formerly known as Yahoo Inc.}}
{{Use mdy dates|date=June 2017}}
{{Infobox company
| name = Altaba Inc.
| logo = Altabalogo.png
| logo_caption = Altaba Inc. logo
| type = Public
| traded_as = {{NASDAQ was|AABA}}
| former_name = Yahoo! Inc. (1995–2017)
| predecessor = Yahoo! Inc.
| owner =
| parent =
| key_people = Thomas J. McInerney (president and CEO)
| industry = Investment company
| founders = {{ubl|Jerry Yang|David Filo}}
| founded = {{Start date and age|1994|1}} (as Jerry and David's Guide to the World Wide Web)
{{Start date and age|1995|3|2}} (as Yahoo!)
{{start date|2017|6|17}} (as Altaba)
| defunct = {{End date|2019|10|4}}
| fate = Dissolution
| revenue = $333 million[https://yahoo.brand.edgar-online.com/DisplayFiling.aspx?TabIndex=2&FilingID=13256539&companyid=5922&ppu=%252fdefault.aspx%253fcompanyid%253d5922 Form N-CSR]. February 27, 2019 (2018)
| location_city = New York City, New York
| location_country = United States
| subsid = Excalibur IP, LLC
| homepage = {{URL|www.altaba.com}}
}}
Altaba Inc. was a non-diversified, closed-end management investment company based in New York City{{cite web |url=https://www.thestreet.com/story/14176587/1/yahoo-completes-sale-of-operating-business-company-to-be-re-named-altaba-and-register-as-investment-company.html |title=Yahoo Completes Sale Of Operating Business; Company To Be Re-Named Altaba And Register As Investment Company |date=June 13, 2017 |publisher=TheStreet.com |access-date=June 28, 2017}} that was formed from the remains of the first incarnation of Yahoo! Inc. after Verizon had acquired old Yahoo's Internet business.{{cite web |url=https://www.thestreet.com/story/13948684/1/yahoo-set-to-thrive-under-new-altaba-name-thanks-to-alibaba-stake.html |title=Yahoo! Set to Thrive Under New Altaba Name Thanks to Alibaba Stake |author=Natalie Walters |date=January 10, 2017 |publisher=TheStreet.com |access-date=June 28, 2017}} Verizon completed its acquisition on June 13, 2017, and put the assets under a new subsidiary named Yahoo! Holdings within its newly created division, Oath (now the current incarnation of Yahoo! Inc.).{{cite web |url=https://www.cnbc.com/2017/06/13/verizon-completes-yahoo-acquisition-marissa-mayer-resigns.html |title=Verizon completes acquisition of Yahoo as Marissa Mayer resigns|last=Kharpal|first=Arjun |work=CNBC |date=June 13, 2017|access-date=June 13, 2017}} After the transaction, Yahoo! Inc. had no operating business but retained its cash holdings, partnership investments and bond portfolio, as well as certain patents that Verizon did not purchase. It reorganized as an investment fund and changed its name to Altaba Inc. on June 16.{{cite web|url=http://www.businesswire.com/news/home/20170616005694/en/Altaba-Announces-2017-Annual-Meeting-Stockholders|title=Altaba Announces 2017 Annual Meeting of Stockholders|date=June 16, 2017|access-date=June 16, 2017|website=Business Wire}}{{cite web|url=https://businesssearch.sos.ca.gov/CBS/SearchResults?SearchType=CORP&SearchCriteria=altaba&SearchSubType=Keyword|title=Business Search - Business Entities - Business Programs - California Secretary of State|date=June 16, 2017|access-date=June 16, 2017 |website=businesssearch.sos.ca.gov}}{{cite web|url=https://www.sec.gov/Archives/edgar/data/1011006/000119312517205499/d372379d8k.htm|title=8-K|date=June 16, 2017|access-date=June 16, 2017 |website=sec.gov}} The only Yahoo! - branded interest held by Altaba was its stake in the joint venture Yahoo! Japan, which it sold to the SoftBank Group in late 2018.{{Cite news|url=https://www.wsj.com/articles/altaba-sells-remaining-yahoo-japan-shares-1537187716|title=Altaba Sells Remaining Yahoo Japan Shares|last=Chin|first=Kimberly|date=2018-09-17|work=The Wall Street Journal|access-date=2019-01-28|language=en-US|issn=0099-9660}}
History
= 1994–2017: Yahoo! Inc. =
{{mainarticle|Yahoo! Inc. (1995–2017)}}
In January 1994, Jerry Yang and David Filo, who were Electrical Engineering graduate students, created a website called "Jerry and David's Guide to the World Wide Web". The Guide was a directory of other websites, organized in a hierarchy, as opposed to a searchable index of pages. In April 1994, Jerry and David's Guide to the World Wide Web was renamed "Yahoo!".{{cite book |title=Blueprint to a Billion |author=David G. Thomson |page=155 |publisher=Wiley-Interscience |year=2006 |isbn=978-0-471-77918-6}}{{cite web |author=Ethan Trex |url=http://blogs.static.mentalfloss.com/blogs/archives/22707.html |title=Jerry and David's Guide to the World Wide Web becomes "Yahoo!" |publisher=Blogs.static.mentalfloss.com |access-date=2010-08-24 |url-status=dead |archive-url=https://web.archive.org/web/20090221085742/http://blogs.static.mentalfloss.com/blogs/archives/22707.html |archive-date=February 21, 2009 |df=mdy-all }} The word "YAHOO" is a backronym for "Yet Another Hierarchically Organized Oracle"{{Cite magazine |last=Gaffin |first=Adam |date=1995-09-11 |title=Hello{{Snd}}Is anyone out there? |url=https://books.google.com/books?id=pw4EAAAAMBAJ&pg=RA1-PA40 |access-date=2024-05-26 |magazine=Network World |page=34 |volume=12 |issue=31}} or "Yet Another Hierarchical Officious Oracle."{{cite web |title=The History of Yahoo! – How It All Started... |url= http://docs.yahoo.com/info/misc/history.html|publisher=Yahoo! Media Relations |access-date=July 7, 2012 |year=2005|archive-url=https://web.archive.org/web/20130402073246/http://docs.yahoo.com/info/misc/history.html|archive-date=April 2, 2013}} The yahoo.com domain was created on January 18, 1995.{{cite web |title=WHOIS information for: yahoo.com |url=http://www.networksolutions.com/whois-search/yahoo.com |publisher=networksolutions.com}}
Yahoo! grew rapidly throughout the 1990s and diversified into a web portal, followed by numerous high-profile acquisitions. The company's stock price skyrocketed during the dot-com bubble and closed at an all-time high of US$118.75 in 2000;{{cite web|title=Yahoo: An 18-year timeline of events|url=http://performancein.com/news/2012/07/17/yahoo-18-year-timeline-events/|work=PerformanceIN|access-date=27 May 2013|author=Simon Holland|date=July 2012|archive-url=https://web.archive.org/web/20170810111851/http://performancein.com/news/2012/07/17/yahoo-18-year-timeline-events/|archive-date=August 10, 2017|url-status=dead|df=mdy-all}} however, after the dot-com bubble burst, it reached an all-time low of US$8.11 in 2001.{{cite book|last=Linder|first=Karen|author-link=Karen Linder|title=The Women of Berkshire Hathaway|url=https://books.google.com/books?id=V_r3vM8y4-QC&pg=PA199|access-date=27 May 2013|year=2012|publisher=John Wiley & Sons|location=Hoboken, New Jersey|isbn=9781118182628|page=199|quote=Shortly after the 9/11 attacks, on September 26, 2001, Yahoo!'s stock hit its all-time low of $8.11.}} Yahoo! formally rejected an acquisition bid from the Microsoft Corporation in 2008.{{cite news|url=http://news.bbc.co.uk/1/hi/business/7239220.stm|title=Yahoo rejects Microsoft approach|publisher=BBC News Online|access-date=2008-02-17|date=February 11, 2008}} In early 2012, the largest layoff in Yahoo!'s history was completed and 2,000 employees (14 percent of the workforce) lost their jobs.{{cite news|title=Yahoo lays off 2,000 employees|url=https://www.reuters.com/article/yahoo-layoff-idUSL2E8F41UP20120404|access-date=27 May 2013|newspaper=Reuters|date=4 April 2012}}
Carol Bartz replaced co-founder Jerry Yang as CEO in January 2009,{{cite news|title=Job cuts help Yahoo profits surge|url=http://news.bbc.co.uk/2/hi/business/8317476.stm|newspaper=BBC News|date=October 21, 2009}} but was fired by the board of directors in September 2011; Tim Morse was appointed as interim CEO following Bartz's departure.{{cite news|title=Tim Morse, Interim Yahoo CEO, Gets 25 Percent Raise To $750,000|url=https://www.huffingtonpost.com/2011/09/17/tim-morse-interim-yahoo-ceo_n_967548.html|access-date=27 May 2013|newspaper=The Huffington Post|date=16 September 2011|author=AP}} Former PayPal president Scott Thompson became CEO in January 2012 and after he resigned was replaced by Ross Levinsohn as the company's interim CEO on May 13, 2012. On July 16, former Google executive Marissa Mayer, became the CEO of the company.{{cite news|title=A Yahoo Search Calls Up a Chief From Google|url=https://dealbook.nytimes.com/2012/07/16/googles-marissa-mayer-tapped-as-yahoos-chief/|access-date=27 May 2013|newspaper=The New York Times|date=16 July 2012|author=ANDREW ROSS SORKIN|author2=EVELYN M. RUSLI}}
The media reported on Yahoo!'s interest in the video streaming site Hulu on May 26, 2013. Under Mayer's leadership, Yahoo!'s bid is worth between US$600 and $800 million, as a variety of options that consist of different circumstances were put forward by the company.{{cite web|title=Yahoo's Bid for Hulu in $600M to $800M Range — Even as It Preps Other Big Deals in Mobile and Communications|url=http://allthingsd.com/20130526/yahoos-bid-for-hulu-in-600m-to-800m-range-even-as-it-preps-other-big-deals-in-mobile-and-communications/|work=All Things D|publisher=Dow Jones & Company Inc|access-date=28 May 2013|author=Kara Swisher|author-link=Kara Swisher|date=26 May 2013}} As of May 28, 2013, Yahoo!'s videos attract 45 million unique visitors a month, while Hulu has 24 million visitors—the combination of the two audiences can place Yahoo! in the second-most popular position after Google and its subsidiary YouTube.{{cite news|title=An $800 million bid for Hulu is safe, boring, and exactly the right move for Yahoo|url=http://qz.com/88314/an-800-million-bid-for-hulu-is-safe-boring-and-exactly-the-right-move-for-yahoo/|access-date=28 May 2013|newspaper=Quartz|date=28 May 2013|author=Christopher Mims}}
Data collated by comScore during July 2013 revealed that more people in the U.S. visited Yahoo! websites during the month in comparison to Google websites—the occasion was the first time that Yahoo! outperformed Google since 2011. The data did not incorporate visit statistics for the Yahoo!-owned Tumblr website or mobile phone usage.{{cite news|title=Google overtaken by Yahoo! in US website visitors for first time in two years|url=https://www.theguardian.com/technology/2013/aug/22/yahoo-beats-google-website-visitors?CMP=EMCNEWEML6619I2&et_cid=46382&et_rid=7107573&Linkid=http%3a%2f%2fwww.theguardian.com%2ftechnology%2f2013%2faug%2f22%2fyahoo-beats-google-website-visitors|access-date=24 August 2013|newspaper=The Guardian|date=23 August 2013|author=Juliet Garside}}
On September 22, 2016, Yahoo disclosed a data breach in which hackers stole information associated with at least 500 million user accounts in late 2014.{{cite web | url=https://www.nytimes.com/2016/09/23/technology/yahoo-hackers.html | title=Yahoo Says Hackers Stole Data on 500 Million Users in 2014 | work=The New York Times | date=September 22, 2016 | access-date=22 September 2016}} According to the BBC, this was the largest technical breach reported to date.{{cite news |url=https://www.bbc.co.uk/news/world-us-canada-37447016 |title=Yahoo 'state' hackers stole data from 500 million users |publisher=BBC |date=23 September 2016 |access-date=23 September 2016}} Specific details of material taken include names, email addresses, telephone numbers, encrypted or unencrypted security questions and answers, dates of birth, and encrypted passwords.{{cite news |url=https://www.bbc.co.uk/news/world-us-canada-37447016 |title=Yahoo 'state' hackers stole data from 500 million users |publisher=BBC News |date=September 23, 2016 |access-date=September 23, 2016}} The breach used manufactured web cookies to falsify login credentials, allowing hackers to gain access to any account without a password.{{cite news|title=Yahoo discovered hack leading to major data breach two years before it was disclosed|url=https://www.washingtonpost.com/news/the-switch/wp/2016/11/10/yahoo-discovered-hack-leading-to-major-data-breach-two-years-before-it-was-disclosed/|newspaper=The Washington Post|access-date=10 November 2016}}{{cite news|title=Yahoo knew of 'state-backed' hack in 2014|work=BBC News|date=November 10, 2016|url=https://www.bbc.co.uk/news/technology-37936219|access-date=10 November 2016}}{{cite magazine | url = https://www.wired.com/2016/12/yahoo-hack-billion-users/| title = Hack Brief: Hackers Breach a Billion Yahoo Accounts. A Billion | first = Lily Hay | last = Newman | date = December 14, 2016 | access-date = December 15, 2016 |magazine = Wired }} On December 14, 2016 a separate data breach, occurring earlier around August 2013 was reported. This breach affected over 1 billion user accounts and is again considered the largest discovered in the history of the Internet.{{cite web| url = https://www.nytimes.com/2016/12/14/technology/yahoo-hack.html | title = Yahoo Says 1 Billion User Accounts Were Hacked | first = Vindu | last = Goel | date = December 14, 2016 | access-date = December 14, 2016 | work = The New York Times }}
On June 13, 2017, following the departure of Marissa Mayer, Thomas J. McInerney was appointed chairman and CEO of Yahoo! Inc.{{cite web|url=https://www.altaba.com/management.cfm|title=Altaba, Inc.|date=June 19, 2017|website=altaba.com|access-date=June 19, 2017}}
= 2017–2019: Altaba Inc. =
On June 16, 2017, the company that remained after Verizon Communications purchased the core Internet businesses of Yahoo! Inc. was renamed Altaba Inc. The new company, listed by the Securities and Exchange Commission as a "non-diversified, closed-end management investment company,"{{Cite web|url=https://www.caixinglobal.com/2017-01-11/yahoo-to-become-alibaba-alter-ego-with-name-change-101042635.html|title=Yahoo to Become Alibaba Alter Ego with Name Change - Caixin Global|website=caixinglobal.com|language=en|access-date=2018-08-27}} immediately began trading on NASDAQ under the ticker symbol AABA.{{cite web |url=https://www.cnbc.com/2017/06/19/altaba-to-start-trading-on-monday-under-symbol-aaba.html |title=Altaba, formerly Yahoo, starts trading on Nasdaq |date=June 19, 2017 |publisher=CNBC |access-date=June 28, 2017 |archive-date=June 22, 2017 |archive-url=https://web.archive.org/web/20170622094713/http://www.cnbc.com/2017/06/19/altaba-to-start-trading-on-monday-under-symbol-aaba.html |url-status=dead }}
In September 2018, Altaba settled three lawsuits relating to Yahoo's data breaches for $47 million.{{Cite web|url=https://techcrunch.com/2018/09/17/altaba-to-settle-lawsuits-relating-to-yahoo-data-breach-for-47-million/|title=Altaba to settle lawsuits relating to Yahoo data breach for $47 million|website=TechCrunch|date=September 17, 2018|language=en-US|access-date=2019-03-18}}
On September 17, 2018, Altaba announced the sale of their stake in Yahoo Japan Corporation for $4.3 billion.{{Cite news|url=https://www.wsj.com/articles/altaba-sells-remaining-yahoo-japan-shares-1537187716|title=Altaba Sells Remaining Yahoo Japan Shares|last=Chin|first=Kimberly|date=2018-09-17|work=The Wall Street Journal|access-date=2019-03-18|language=en-US|issn=0099-9660}} On the same day, Altaba announced a $5.75 billion share repurchase program.{{Cite web|url=https://www.ft.com/content/61854232-ba69-11e8-8274-55b72926558f|title=Altaba announces new $5.75bn share buyback programme|last=Pan|first=Kwan Yuk|date=2018-09-17|website=Financial Times|language=en-GB|access-date=2019-03-18}}
On April 3, 2019, Altaba announced in a press release that it would sell its stake in Alibaba Group and shut down.{{Cite web|url=https://www.businesswire.com/news/home/20190402006082/en/Altaba-Announces-Board-Approval-Plan-Complete-Liquidation|title=Altaba Announces Board Approval of Plan of Complete Liquidation and Dissolution|date=2019-04-02|website=www.businesswire.com|language=en|access-date=2019-04-04}} The company would shut down in the fourth quarter of 2019.{{Cite web|url=https://techcrunch.com/2019/04/03/altaba-alibaba-sale/|title=Yahoo spin-out Altaba is selling its entire Alibaba stake and closing down|last=Russell|first=Jon|date=2019-04-03|website=TechCrunch|language=en-US|access-date=2019-04-05}}
On October 2, 2019, Altaba stopped trading on the Nasdaq at the close of the day,{{Cite news |date=October 2, 2019 |title=A Surprise Ruling Puts Altaba Stock's Future Trading in Limbo |work=NASDAQ |url=https://www.nasdaq.com/articles/a-surprise-ruling-puts-altaba-stocks-future-trading-in-limbo-2019-10-02}} and pursuant to its Plan of Complete Liquidation and Dissolution, filed a certificate of dissolution in Delaware (where Altaba is domiciled), on October 4.{{cite web |title=Altaba Files Certificate of Dissolution |url=https://www.businesswire.com/news/home/20191004005480/en/Altaba-Files-Certificate-Dissolution |website=Business Wire |access-date=October 5, 2019 |date=October 4, 2019}} A small amount of funds will be withheld for potential Chinese taxes on the sale of its stake in the Alibaba Group.{{cite web |last1=Bary |first1=Andrew |title=Altaba Finally Rewards Its Shareholders. But the Ultimate Payoff Is Uncertain. |url=https://www.barrons.com/articles/altaba-finally-rewards-its-shareholders-but-the-ultimate-payoff-is-uncertain-51569336089 |website=Barron's |access-date=October 5, 2019 |date=September 24, 2019}} In 2020, the company sold the Excalibur IP patent portfolio to RPX Corporation.{{cite web |title=Excalibur IP Licensing News Release {{!}} RPX Corp |url=https://www.rpxcorp.com/about/news/rpx-corporation-announces-licensing-transaction-with-excalibur-ip/ |access-date=30 August 2023 |language=en-us}}
Assets
Excalibur IP, a patent company owned by Altaba, controlled a significant minority interest in Alibaba Group (16.3%) until it sold its stake in 2019,{{cite web |url=https://money.cnn.com/2017/06/19/investing/yahoo-altaba-stock/index.html |title=Verizon and all new Oath Inc. Story of Yahoo, AOL and Altaba |author=Paul R. La Monica |date=June 19, 2017 |publisher=CNN Money |access-date=June 28, 2017}} and maintained investments in Hortonworks, Gomaji, Envestnet, Rimage Corporation, SeatGeek, Protagenic Therapeutics, Eastman Kodak Company, and Paperless Post.{{cite web |url=https://altaba.com/holdings.cfm |title=Holdings |publisher=Altaba |access-date=June 28, 2017 |archive-url=https://web.archive.org/web/20170731000134/https://altaba.com/holdings.cfm |archive-date=July 31, 2017 |url-status=dead |df=mdy-all }} The Fund's external investment advisors included BlackRock Advisors, LLC and Morgan Stanley Smith Barney LLC.
The company divested itself of all holdings in Snap Inc. (the owner of Snapchat){{Cite news|url=http://fortune.com/2017/10/02/snapchat-snap-stock-yahoo/|title=The Company Formerly Known as Yahoo Just Gave Up on Snapchat|work=Fortune|access-date=2018-02-22|language=en}} and Yahoo! Japan.{{cite web |title=SEC Filing {{!}} Altaba Inc. |url=https://www.altaba.com/node/41476/html |website=www.altaba.com |language=en}}
References
{{reflist}}
External links
- {{Official website}}
- {{Finance links historical
|sec_cik=1011006
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{{Altaba Inc.}}
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Category:Financial services companies established in 1995
Category:Financial services companies disestablished in 2019
Category:Companies formerly listed on the Nasdaq
Category:Investment companies based in New York City
Category:American companies established in 1995
Category:1995 initial public offerings
Category:American companies disestablished in 2019