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David Karp, founder of internet blogging service Tumblr will receive $81 million if he remains with Yahoo till the end year 2017. This is part of the deal that saw Yahoo acquire Tumblr for $1.1 billion in May.
The payment will consist of $41 million in stock and $40 million in cash. Another $29 million in stock options and restricted stock is being doled out to other unnamed Tumblr employees over four years.
Karp, aged 27 founded Tumblr in 2007 after he dropped out of high school in New York to concentrate on computer programming and presently hold about 20 to 25 percent stake in Tumblr.
Yahoo Inc. CEO Marissa Mayer has pledged not to make any dramatic changes at Tumblr in hopes that the acquisition won’t alienate the blogging service’s existing users, which includes a substantial number of teenagers and young adults.
All together, Yahoo paid about $1.15 billion to buy 10 companies, including Tumblr, during the first half of the year.
The payment will consist of $41 million in stock and $40 million in cash. Another $29 million in stock options and restricted stock is being doled out to other unnamed Tumblr employees over four years.
Karp, aged 27 founded Tumblr in 2007 after he dropped out of high school in New York to concentrate on computer programming and presently hold about 20 to 25 percent stake in Tumblr.
Yahoo Inc. CEO Marissa Mayer has pledged not to make any dramatic changes at Tumblr in hopes that the acquisition won’t alienate the blogging service’s existing users, which includes a substantial number of teenagers and young adults.
All together, Yahoo paid about $1.15 billion to buy 10 companies, including Tumblr, during the first half of the year.
