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Yahoo confirms CEO is out after resume scandal
N EW YORK (CNNMoney) -- Yahoo CEO Scott Thompson is out after it was found he padded his resume with an embellished college degree, ending his term at the company after just four months. Yahoo confirmed Thompson "has left the company" in a statement posted late Sunday, after two news reports. Tech blog AllThingsD was the first to report the news, and the New York Times followed up with its own article. Yahoo media chief Ross Levinsohn will be named interim CEO, the company said. Levinsohn had earlier been rumored as a successor to Carol Bartz, who was fired from Yahoo by phone in September. Instead, Thompson took the CEO role in January . Thompson's resume scandal ignited just over a week ago, when activist shareholder group Third Point alleged that Thompson lied about details of his college degree. The saga took an even more dramatic twist Monday morning, when the Wall Street Journal reported that Thompson has been diagnosed with thyroid cance...
Facebook to sell 25% more shares
NEW YORK (CNNMoney) -- Facebook announced Wednesday that 25% more shares of the company will be sold in its planned initial public offering later this week. The additional shares, disclosed in a filing with the Securities and Exchange Commission, could fetch an extra $3 billion, bringing the total raised through the initial share sale to as much as $16 billion. The offering will now sell 421.2 million shares, up from 337.4 million shares that it had previously announced plans to sell. If the company sells $16 billion in shares as expected, it would be the largest tech IPO in history, and the third largest U.S. IPO ever, trailing only the $19.7 billion raised by Visa (V, Fortune 500) in March 2008, and the $18.1 billion raised by automaker General Motors (GM, Fortune 500) in November 2010, according to rankings by Thomson Reuters. It would also be the 11th largest global IPO in history. The additional shares will be sold by selling shareholders of the company, not by...
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