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27-year-old Tumblr founder to make $US110m from Yahoo acquisition

AAP/ AFR | Aug. 12, 2013
27-year-old David Karp scored $US110 million when Yahoo chief executive Marissa Meyer bought his company, Tumblr, in May.

27-year-old Tumblr founder to make $US110m from Yahoo acquisition
27-year-old David Karp scored $US110 million when Yahoo chief executive Marissa Meyer bought his company, Tumblr, in May.Photo: Reuters

Yahoo's recently completed acquisition of internet blogging serviceTumblrincludes a $US110 million ($A121.49 million) payment to Tumblr founder David Karp as long as he remains on the job for the next four years.

The retention payment, disclosed in a regulatory filing on Thursday, is part of the windfall that Karp and Tumblr investors realised by agreeing to sell the service $US1.1 billion in May.

Karp turned 27 last month. He started Tumblr in 2007, a few years after he dropped out of high school in New York to concentrate on computer programming.

Yahoo chief executive Marissa Mayer has pledged not to make any dramatic changes at Tumblr. As part of that promise, Mayer is allowing Karp to run Tumblr independently in New York. Yahoo is based in Sunnyvale, California.

 

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