Have you ever dreamed of becoming a mega-millionaire with your next business idea? It’s a reality for 26-year-old David Karp. The founder of Tumblr, the popular social blogging platform, has become the latest tech tycoon almost overnight.
Today Yahoo officially announced plans to purchase the site Karp started at age 21 out of his mother’s Manhattan apartment. The Daily Mail has Karp’s story as a high school dropout who taught himself HTML. Karp then started his own computer consulting company before launching his incredibly popular platform.
Yahoo’s board of directors recently approved a $1.1 billion cash purchase price for Tumblr, according to a report from AllThingsD.com. In an official announcement, the companies said Tumblr would continue to operate as a separate business with CEO Karp at the helm.
Tumblr, a blogging platform that has following, sharing and other social features, gives Yahoo a stake in the social networking world, The New York Times observes. The platform also provides a source of user-generated content Yahoo management believes the company needs. How Yahoo would integrate Tumblr content into its current model remains to be seen.
Initially, the two companies will work to create advertising opportunities that are “seamless” and “enhance the user experience.” But a joint announcement was not specific about what kinds of advertising opportunities these might be.
Tumblr boasts 300 million monthly unique visitors and 120,000 signups every day, 900 posts per second and 24 billion minutes spent on site each month. The two companies state in their joint release that this makes Tumblr one of the fastest growing media networks in the world.
Even Small Business Trends has a Tumblr presence.
The announcement said the deal is subject to the customary conditions and will close in the second half of the year.
Photo Source: Davids Log