Yahoo fires huge bunch of Employees

'Yahoo' is slipping further and further down in its quest to be renamed 'Boohoo' - after resorting to juicing up the Yahoo Homepage with Botox, the company has been reduced to initiating huge layoffs.

And the numbers are not pretty - one in five employees of Yahoo will be shown the exit door.

Yahoo can blame the grave financial crisis eating the world. Last night Yahoo's shares closed at $15.58. We won't say that it was undeniably stupid of Yahoo to reject Microsoft's bid of a takeover, but comparing the $15.33 to the $33 per share that Microsoft offered in May seems very damning.

Just a couple of weeks ago Yahoo lost an astounding $13 billion, courtesy of tumbling shares. Just two days ago Yahoo's shares fell by 10%.

One reason that Yahoo gave for rejecting Microsoft's takeover was that the company was taking care of the employees that won't like to work at Microsoft. Well those chaps aren't working anywhere now, ainnnit?