Investor lashes out at 'pathetic' Yahoo! management

LONDON - Yahoo! investor oil billionaire T. Boone Pickens has sold his shares in the troubled internet firm and lashed out, labelling the firm's management as "pathetic".

Pickens has sold all of his 10m shares in Yahoo! at a loss. He bought them in the hope that it would be bought by Microsoft, but has become frustrated with Yahoo!'s management led by the much criticised chief executive Jerry Yang.

In an interview with the San Francisco Chronicle he did not mince his words and said that "I think that Yahoo! management was pathetic".

Pickens had followed fellow billionaire investor Carl Icahn in snapping up shares in Yahoo! and told CNBC that he was merely following Icahn's lead. "He goes in first and I jump in behind him," Pickens told CNBC in May.

The octogenarian business man is best known for takeovers during the 1980s he is worth around $3bn, but is not known as an investor in technology and has admitted he does not know how to "write an email".

However, while Icahn picked up three seats on the Yahoo! board there is no sign that the company will be sold, sparking the exit of Pickens as an investor after losing tens of millions of dollars.

His exit comes ahead of Yahoo!'s annual meeting on Friday where Yang is set to face more criticism as the value of the company continues to slip. It is now worth around $20bn less than Microsoft's last offer.