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Yahoo 'screws it up,' writes down $482 million of Tumblr

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Yahoo is writing down the value of its Tumblr acquisition by $482 million, citing lower projections for the social network's future performance, the company announced Monday.

This comes after Yahoo took a $230 million similar writedown last quarter on its Tumblr buy.

In total, Yahoo has now written down more than half of Tumblr's value since acquiring it for $1.1 billion in 2013 -- rendering Mayer's biggest acquisition to date effectively worthless.

Part of that writedown stems from Yahoo's struggle to meet an ambitious $100 million sales goal for Tumblr -- and part can be traced to the falling value of similar publicly traded social media companies like Twitter.

So much for Mayer's famous promise at the time of the acquisition "not to screw it up."

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