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Jerry Yang reduces Yahoo holdings

Yahoo founder Jerry Yang reduces his stake in the search engine company, which has seen its shares rise over the past year.

Dawn Kawamoto Former Staff writer, CNET News
Dawn Kawamoto covered enterprise security and financial news relating to technology for CNET News.
Dawn Kawamoto
Yahoo (YHOO) cofounder Jerry Yang has reduced his stake in the search engine company, which has seen its shares rise over the past year.

Yahoo, which offered a 3-for-2 stock split last year, has since seen its stock price climb nearly threefold. The company's shares have risen from slightly more than 23 a share last February to close at 63-3/4 Friday, down 3/8 from the previous day.

According to a Securities and Exchange Commission filing today, Yang reduced his stake to 12.8 percent, or 5.7 million shares. A year ago he held a stake of 14.9 percent, or 5.85 million shares, on a split-adjusted basis, meaning that his disposition amounts to a 2.5 percent reduction in his holdings. Yang said the disposed shares were used to seed a private foundation, serve as a donation to the Asia Pacific community, and make family gifts.

Yahoo cofounder David Filo, however, maintained his stake at 13 percent, or 5.8 million shares, on a split-adjusted basis.

Yahoo has been on a roll of late, making acquisitions while posting strong revenue growth and operating profits. Excluding an acquisition charge for Four11, the company posted fourth-quarter profits of $2.6 million, compared with profits of $96,000 last year. Its revenues rose to $25.1 million during the quarter, up from $8.6 million a year ago.

Yahoo has been expanding beyond its search-engine roots to become a builder of online communities. Its acquisition of Four11 allowed it to add free email to its service offerings.