Yahoo dipped below $20 a share Tuesday morning, following a report in the San Francisco Chronicle that T. Boone Pickens dumped his entire stake of 10 million shares.
Shares of the Internet pioneer fell as low as $19.71 in morning trading, coming within a breath of the $19.18 that the stock closed at on the day before Microsoft announced its unsolicited buyout bid of $31 a share. Microsoft later bumped it up to.
in May, following an announcement by investor activist Carl Icahn that he would wage a . Icahn, however, reached a
"I think that Yahoo management was pathetic," Pickens reportedly said during the Chronicle editorial board meeting he was addressing.
Pickens told the Chronicle that he sold his shares at a loss, as his patience for a deal between the two companies grew thin. The billionaire investor declined to reveal the size of his loss, according to the report.
Yahoo's annual shareholders meeting is scheduled for Friday.