Pickens said that he had grown tired of waiting for a deal between Microsoft and Yahoo, following numerous takeover advances by Microsoft and subsequent rejections by Yahoo.
"I think that Yahoo management was pathetic," Pickens told The San Francisco Chronicle.
Pickens, a Texan oil businessman, invested in Yahoo after corporate raider Carl Icahn spent billions of dollars buying into the company, in the hope of replacing the company's board with executives open to a sale to Microsoft. Pickens had pledged to support Icahn's strategy.
However, earlier this month, Icahn settled his differences with Yahoo, agreeing to a deal to gain three seats on Yahoo's board, and with it, a chance to shape the company's future strategy.
Since then, Microsoft has conceded that it is unlikely to revisit plans to acquire Yahoo.
Tristan O'Carroll, Media Week, 30 July 2008, 10:50am
Billionaire shareholder sells entire stake in "pathetic" Yahoo
LONDON - Billionaire investor Thomas Boone Pickens, who earlier this year spent millions of dollars buying up 10 million shares in Yahoo in the hope that the company would be sold to Microsoft, has now sold his entire stake, lashing out at Yahoo's "pathetic" management.
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