The truce between Yahoo and Alibaba has not had its intended effect. Despite a joint statement that the parties “are engaged in and committed to productive negotiations to resolve the outstanding issues related to Alipay in a manner that serves the interests of all shareholders as soon as possible,” Yahoo’s stock price slid another 4.5 percent in trading on Monday. The stock stood at $15.81 at the close of trading.
While some shareholders are blaming Yahoo CEO Carol Bartz for the tensions with Alibaba’s Jack Ma, another veteran Yahoo player is doing his best to stay out of the fray. Yahoo claims that no one from the Yahoo board was at the meeting in which the sale of Alipay to a private company owned by Ma was approved. Alibaba disputes this and says that Yahoo founder Jerry Yang “participated in the meeting.”
Though the deal closed in August, Yahoo did not learn of it until March 31, meaning that either Yang was not there, or he consciously decided not to inform Yahoo’s board. Yang himself has yet to comment publicly on whether he knew what was happening, or if a vote on the sale took place at a meeting he attended.