8/11/2005

GMSV: And Mr. Semel has agreed to wear the big dragon head at our New Year's celebration

Yahoo finally copped to its interest in Alibaba this morning (see "OK, $1 billion. Now get those 40 thieves out of my boardroom"), announcing a massive investment in the Chinese e-commerce company. Yahoo agreed to pay $1 billion in cash for a 40 percent stake in Alibaba and ceded control of its operations in China -- a move that could boost its fortunes in that market, where it's been underperforming. "China is the fastest-growing Internet market in the world, and it will be the largest Internet market in the world in couple of years," Yahoo co-founder Jerry Yang told TheStreet.com. "In Alibaba, we saw the chance to combine it with Yahoo China and become the largest Internet company in China, period.

Good Morning Silicon Valley: And Mr. Semel has agreed to wear the big dragon head at our New Year's celebration

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