Controversial investor Carl Icahn's shares in Yahoo have
fallen nearly $950m in value since he took a $1.8bn stake in the
internet firm.
Securities and Exchange Commission figures show Icahn paid an
average of $23.59 a share for his 5.5% stake in Yahoo.
But shares closed yesterday at $11.05, which means they will
have to more than double in value before Icahn could make a profit,
according to the Washington Post.
Yahoo's value has dropped more than $30bn since the company
rejected a
Microsoft buyout offer of $33 a share in February.
Icahn bought Yahoo shares in
an attempt to oust Yahoo's board of directors and reach a deal
with Microsoft, but settled for a directorship when his bid
failed.
The investor is still holding out for Microsoft to take over
Yahoo's internet search operations.
Microsoft chief executive
Steve Ballmer last month said Yahoo's search business was still
of interest, but
quashed hopes of a complete buyout.
Share prices had rallied on hopes of a Microsoft deal after
Yahoo announced plans to replace
Jerry Yang as chief executive, but fell again after Ballmer
ruled out the possibility.
Icahn said on US television this week he believes Yahoo is
undervalued, indicating that he still hopes to recoup his
investment, against the odds.