Mountain View, CA. October 6, 2016
“The valley is about constant innovation and reinvention. If we just rest on our laurels we’ll only get as far as we’ve already been and no further. We want to step boldly into the future. To do that we sometimes need to make painful decisions. This was one of them. It really all started with search. Search brought us to the party. But it’s becoming a commodity. You can find whatever you need on ask, bing, duckduckgo, or dogpile. The delta between us and them has been shrinking and historically so do the margins. Once a product goes generic, it’s time to move on. Let yahoo add our distinctiveness to their own and a superior product should emerge. We will retain a non-material equity position in Verizon who is scheduled to aquire yahoo in the future. We plan to reinvest the proceeds in flying cars, balloon internet delivery platforms and life extension research.” —©