Tumblr founder to get $139 million to remain at Yahoo
SAN FRANCISCO (AP) - Yahoo's recently completed acquisition of Internet blogging service Tumblr includes a US$110 million (S$139 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 Mr Karp and Tumblr investors realised by agreeing to sell the service for US$1.1 billion in May.
Mr 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 Inc chief executive 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.