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Carl Icahn selling off Yahoo shares

The activist investor cuts his stake by tens of millions of shares in the months following his resignation from Yahoo's board last fall.

Carl Icahn has substantially cut his stake in Yahoo, according to regulatory filings made public Friday.

Carl Icahn

The billionaire investor had just under 12 million shares of Yahoo at the end of 2009, according to the new filing with the Securities and Exchange Commission. That compares with more 60 million shares he held last summer.

Two years ago when Microsoft was attempting an acquisition of Yahoo, Icahn amassed a huge stake in the Internet pioneer. When Yahoo turned down Microsoft's offer, Icahn started a proxy fight and sought to oust Yahoo's board in order to influence the deal. In the end, he reached a settlement that placed him and two others of his choosing on the board.

In October, the activist investor stepped down from Yahoo's board, in part citing his belief that CEO Carol Bartz had been "doing a great job" and noting that Yahoo had signed a search deal with Microsoft.