In those intervening 8 years, Yahoo sold a big chunk of its BABA stock back to the company. If they kept the number of shares they had at the time Microsoft mad

In those intervening 8 years, Yahoo sold a big chunk of its BABA stock back to the company. If they kept the number of shares they had at the time Microsoft made the offer, that asset alone would be worth $48B today. If you add in the Yahoo! Japan holdings, the company would be worth at least $56B, even if the core Yahoo! business were worth nothing. It wouldn't have been a bad buy for Microsoft.