It's important to realize that the 5B verizon is paying isn't for all of Yahoo. It doesn't include Yahoo's holdings in Alibaba or Yahoo Japan or Yahoo's patent

It's important to realize that the 5B verizon is paying isn't for all of Yahoo. It doesn't include Yahoo's holdings in Alibaba or Yahoo Japan or Yahoo's patent portfolio. So while Yahoo might be worth a bit less now than the 44B MSFT offer the drop isn't all that big. The risk was probably worth it.