New York Times columnist Joe Nocera's open letter to Yahoo CEO Jerry Yang over the weekend nicely captured Yahoo shareholders' rage over the whole Microsoft mess. But will they stop fuming long enough to read all 1,500 words? A version they'll be able to finish before their lawyers get done filing the next shareholder lawsuit, and Yang will be able to finish before the next top executive's resignation letter hits his inbox, below.
Dear Jerry, Congratulations. You got Microsoft to walk. You’re thrilled. Shareholders aren’t. You’ve become a pawn of the dominant company on the Internet. You think of Yahoo as your baby. It’s not your baby. Not since Yahoo went public. I can hear you protesting that Microsoft walked, not you. But how many times did Microsoft come knocking. Forced to negotiate, you rarely brought any of your investment bankers. You brought Filo. By May, Ballmer raised his offer. You claimed to be holding out for more, asking the only person interested in buying your company to bid against himself. You were creating incentives for a employee walkout after a change of control. Where does this leave you? Your days as Yahoo’s CEO are numbered.