Monday, May 20, 2013

Tumblr CEO announces $1.1 Billion deal with Yahoo

David Karp, the 26 years old CEO of Tumblr showed his utter delight as he sold out his popular blogging site to Yahoo for $1.1 billion, Monday.

Yahoo! CEO Marissa Mayer believes purchase of micro-blogging site will be a 'stake in the ground' for her tenure as head of the tech giant.

Karp, a high school drop-out who started the site from his mother's New York apartment in 2007, posted a message on Tumblr's staff blog on Monday.

He told users that he was 'elated' to be joining Yahoo! and echoed the words of the company's CEO Marissa Mayer by saying: 'We won’t let you down.'

The $1.1billion cash deal leaves the 26-year-old short of the world's youngest billionaires -  the closest being Albert von Thurn und Taxis, 29, $1.5 billion fortune he inherited. Has made a career as a race car driver.

( via Mail Online )
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