09/03/2009 (4:21 am)
Carl Icahn trims Yahoo stake
Yahoo Inc. board member Carl Icahn has cut back his stake in Yahoo, selling nearly 13 million shares since last Thursday, according to a regulatory filing Monday.
Icahn Capital reported that the overall Yahoo (YHOO, Fortune 500) stake held by various Icahn-related funds was 4.48%, down from 5.38% as of June 30, according to Reuters data.
Icahn’s stock sales come one month after Yahoo struck a deal to outsource its search technology to Microsoft Corp. (MSFT, Fortune 500), a partnership Icahn advocated.
Since the deal was announced, Yahoo’s stock price has declined nearly 16%, closing Monday at $14.49.
According to Monday’s filing, Icahn remained optimistic about Yahoo’s long-term prospects.
Icahn sold his Yahoo shares to better "balance" his portfolio of tech stocks and because the window for Yahoo directors and offices to sell stock would be closing after August 31, according to the filing.
"The reporting persons continue to believe in the wisdom of the Microsoft-Yahoo search transaction and fully support the performance of the Issuer’s CEO Carol Bartz," Icahn Capital said in its filing.
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