In July 2016, Verizon acquired yahoo at a whopping sum of $4.8billion,this sale included Yahoo’s operating business, but it didn’t include the big chunk of Chinese e-commerce site Alibaba owned by Yahoo, and it didn’t include certain other assets, mostly shares of Asia-based companies and non-core patents.
The company also announced that Yahoo CEO Marissa Mayer, the veteran former Google executive who tried and failed to turn around the internet pioneer, will exit the company’s board after more than four years at the helm. Yahoo co-founder David Filo is also leaving the company’s board.
What is Altaba
Following the core transfer of ownership between yahoo and verizon. Yahoo announced new name for the brand on Jan 9.
Yahoo didn’t provide an explanation for what “Altaba” means or why it was selected as the new name of the company. But it’s worth noting that the name is phonetically similar to “Alibaba,” the name of the Chinese internet giant that is part-owned by Yahoo.
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Yahoo is changing its name to Altaba, which will hopefully throw hackers off the scent for a while.
— Mark Milian (@markmilian) January 9, 2017
How the Name Altaba came to be and what Altaba really means
The new name is meant to be a combination of the words “alternative and Alibaba,” according to a person familiar with the company’s thinking, who spoke on the condition of anonymity because the individual was not authorized to speak on the record about the name change.
Today Yahoo owns roughly 15 percent of Alibaba, holdings that are worth about $35 billion. The idea behind the name is that Altaba’s stock can now be tracked as an alternative to Alibaba because Yahoo owns a sizable chunk of the Chinese company.
What Altaba means
The name change reflects just how far Yahoo has fallen. The company that was once an Internet giant and is still the third most visited Web property in the United States is now essentially a vehicle for holding Alibaba’s stock.
The company also announced in the filings that Eric Brandt is now the chairman of Yahoo’s board after the exit of Merrisa Meyer