T. Boone Pickens on Yahoo

By Todd Woody

NEW YORK – T. Boone Pickens dropped by Fortune to chat with the magazine’s editors and writers and naturally Yahoo came up. The billionaire oilman has bought 10 million Yahoo shares and is backing Carl Icahn’s bid to oust the Internet company’s board in the aftermath of the failed (so far) deal with Microsoft.

“I’m just coat-tailing Carl on that,” said Pickens, who celebrated his 80th birthday last Thursday. He said he had not discussed Yahoo with Icahn before buying up Yahoo (YHOO) stock. “I didn’t talk to Carl. Hell, I can’t even write an e-mail,” said Pickens.

“I’m not even sure what Yahoo does,” he added.

We’re not quite buying that but we’re pretty sure the legendary dealmaker knows an opportunity to make some money when he sees it. According to Pickens, after Microsoft (MSFT) walked away from its $47.5 billion bid on May 3, he called his office and asked what Yahoo was trading for. “When they said around $21, I said buy 1 million shares but they misheard me and bought 10 million,” he said, pausing a beat before cracking a smile.

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Filed under Microsoft-Yahoo, Yahoo, microsoft

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The old saying “A fool and his money are soon parted” still applies, even if the fool has a lot of money.

I love capitalism

Posted By Randy, Palo Alto, CA : July 29, 2008 3:26 pm

Except, YHOO has never traded at $21 or anywhere near that until now, June 13th, when it is slightly less that 23. Not only is T Boone a LEGENDARY – YEAH – LEGENDARY IN THE SENSE OF “PAST AND EXPIRED” INVESTOR, he is now a goddamn liar covering his mistakes.

Posted By Chicago, IL : June 13, 2008 3:21 pm

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