Tumblr is being sold for $20 million only six years after Double-M bought it for $1.1 billion.
Remember when Marissa Mayer bought Tumblr for $1.1 billion and everyone was like "Whaaaaaaaa?!" And then remember how we then found out that her wildly overvalued acquisition of Tumblr was basically like a perfect encapsulation of her entire leadership philosophy for Yahoo? And then how that philosophy was the management equivalent of trying to cure someone of pneumonia by giving them Ebola? And then how she sold the dead body to Verizon for actual money?
Well, it turns out that we have at least one more fun twist in Marissa Mayer's jaw-dropping legacy at Yahoo, and it's also a super-fn callback.
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Verizon is set to sell the social network Tumblr to Automattic Inc, the owner of online publishing tool Wordpress. A source familiar with the deal puts the price-tag "well below" $20 million.
Hmm, paid $1.1 billion, sold for "Well below" $20 million...that's [types away on calculator] a lot less.
Verizon's desire to sell Tumblr had been previously known, but as of May, Pornhub had been the only bidder to show public interest.
Taking a 98% writedown on the original acquisition price of an app that was basically Instagram but not as good just so it doesn't revert back to being a widely-beloved platform for niche porn? Marissa Mayer really was the Keyser Soze of American business.
Verizon agrees to sell Tumblr to owner of Wordpress [Axios]
teh_maxh on August 13rd, 2019 at 04:37 UTC »
Tumblr's porn was worth nearly a billion dollars.
taario on August 13rd, 2019 at 01:26 UTC »
It was actually sold for $3 million. What a joke of an acquisition by Yahoo.
datavirtue on August 13rd, 2019 at 01:10 UTC »
What the fuck did Verizon think was going to happen? Is there a secret underground billionaire cult that agrees to buy zombie companies to parade them around for a few more years before taking a write down on someone else's dime?