David Karp, the 26-year-old founder of blogging site Tumblr, has just made a lot of money - almost in spite of himself. Yahoo's board of directors agreed on Sunday to buy his wildly popular blogging platform, which boasts 100million users and 90million posts per day, for $1.1billion cash.
The deal could make the native New Yorker the latest 20-something tech billionaire, even though he was publicly opposed, even just last year, to selling the company he founded out of his mother's small Manhattan apartment in 2007.
On Sunday afternoon, it was revealed Yahoo's board approved the purchase of Tumblr, despite its revenue of only $13million last year. Even that figure was only made possible after $125million in capital investments.
Tech news site AllThingsD reports that new Yahoo CEO Marissa Mayer wanted to quickly snatch up Tumbler as 'the stake in the ground of what her strategy is going forward for Yahoo.' Tumblr, which is a mico-blogging platform for quickly posting pictures, text and video, also functions as a social media site. Read more >>