Behind every billionaire there is a story!

T. Boone Pickens loses millions on Yahoo gamble

Billionaire investor T. Boone Pickens excoriated Yahoo’s management for failing to reach an agreement to sell all or part of the Web portal to Microsoft Corp.

Pickens, who bought 10 million Yahoo shares in May in hopes that an acquisition was imminent, said Monday that he got tired of waiting for a deal and sold his entire holdings at a loss.

“I think that Yahoo management was pathetic,” Pickens told The Chronicle’s editorial board.

His comments echo those of some other investors who were disappointed that Yahoo didn’t accept Microsoft’s overtures. Many of them were counting on an agreement to boost Yahoo’s shares, which closed on Monday at $20.12, far below Microsoft’s final offer of $33 per share.

read the rest published by SF Gate here:

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/29/BUS6120SSI.DTL