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Yahoo! Spending A Billion Dollars To See If Coolness Can Be Bought
- 07/17/2013 12:05 PM EDT Sci/Tech
26-year-old Tumblr creator David Karp is about to get a $250 million payday. The blogging site he created is being sold to Yahoo! for $1.1 billion, making him the latest of a series of tech kids to get giant paydays -- and the latest recipient of Yahoo's shopping spree. Earlier this year, a British 17-year old sold his app, Summly, to Yahoo for around $30 million.
Yahoo!, a once cool tech company that's lost a great deal of its luster in the last decade, buying Tumblr, a beloved, hip, and free-flowing social media site, has some fans worried. But Mayer has vowed that the site will remain its own independent operation with Karp as its CEO. "We promise not to screw it up," she wrote in her Tumblr post announcing the move.