After accumulating a massive stake as an activist investor, it looks like even Carl Icahn has lost faith in Yahoo:
The billionaire investor had just under 12 million shares of Yahoo at the end of 2009, according to the new filing with the Securities and Exchange Commission. That compares with more 60 million shares he held last summer.
Two years ago when Microsoft was attempting an acquisition of Yahoo, Icahn amassed a huge stake in the Internet pioneer. When Yahoo turned down Microsoft’s offer, Icahn started a proxy fight and sought to oust Yahoo’s board in order to influence the deal. In the end, he reached a settlement that placed him and two others of his choosing on the board.