The Forgotten Tech Giant: Altaba’s Final Act May Surprise You

By Dominic Chimienti / March 21, 2024

Altaba Inc., the former Yahoo, recently filed its annual report for the year ending December 31, 2023. This comes as the company, in the midst of its liquidation process, aims to raise $10,000 to support its coverage of the upcoming 2024 presidential election.

From Internet Giant to Investment Shell

Yahoo, under its original name, was a household name synonymous with the early days of the internet. It offered a vast array of services, from email and search to news and entertainment. However, in 2017, Verizon acquired Yahoo’s core internet businesses. Altaba emerged from the ashes, holding onto Yahoo’s remaining assets — primarily its stakes in Alibaba Group Holding and Yahoo Japan.

Shedding Assets and Distributing Wealth

Altaba functioned as a closed-end investment company, managing those remaining holdings. Over the past few years, it has been systematically selling off these assets and distributing the proceeds to shareholders. The recent annual report reflects this ongoing process. In 2021, a significant cash distribution was authorized, and with most assets liquidated, Altaba is nearing its final curtain call.

A Final Act: Funding Election Coverage

Despite its winding down, Altaba is aiming to make a final contribution to the public sphere. The company’s fundraising campaign for election coverage demonstrates a commitment to staying engaged, albeit in a limited way, with a critical democratic process.

The End of an Era

Altaba’s story serves as a reminder of the ever-evolving nature of the tech landscape. Once a titan, the company is now a footnote, its assets dispersed and its brand slowly fading into memory. The 2024 election coverage, if achieved, could be a fitting final act for a company that once played a significant role in shaping online experiences.