T. Boone Dumps Yahoo

The San Francisco Chronicle reported on Tuesday that billionaire oil investor T. Boone Pickens sold all his shares of Yahoo  appearently in frustration over its failure to reach a deal with Microsoft .

Pickens bought 10 million Yahoo shares in May, backing a bid by activist shareholder Carl Icahn to bring the Internet pioneer back to the negotiating table over a $47.5 billion takeover offer from Microsoft.

Last week, Yahoo reached a settlement to put Icahn and two of his nominees on its board after efforts to revive a Microsoft bid failed. The deal with Icahn spared Yahoo from a proxy battle at its annual meeting on Friday.

“I think that Yahoo management was pathetic,” Pickens was quoted as saying to the San Francisco Chronicle’s editorial board. He sold his entire holdings at a loss, the report said.