Yahoo 'screws it up,' writes down $482 million of Tumblr
Marissa Mayer may be ending her tenure at Yahoo on a sour note. Yahoo is writing down the value of its Tumblr acquisition by $482 million, citing lower projections for the social network's future performance, the company announced Monday. This comes after Yahoo (YHOO, Tech30) took a $230 million similar writedown last quarter on its Tumblr buy. In total, Yahoo has now written down more than half of Tumblr's value since acquiring it for $1.1 billion in 2013 -- rendering Mayer's biggest acquisition to date effectively worthless.