Yahoo is a good example and teaches a lot for every company, no matter how strong you are, no matter how powerful you are, if you don't adapt, if you don't evolve you will be beaten by someone coming behind you. Even you are at the front of the race it's always good to look back where your competitors are.
Lack of innovation, missed opportunities, poor decision making, one can write a whole thesis about yahoo's failure.
Back in 1998 Google offered Yahoo their search platform, they didn't ask for much, just one million dollars. Yahoo rejected the offer, today Google is worth 500 billion dollars, and Yahoo was bought for hundred times less.
Yahoo didn't see or didn't want to adopt to the changing technological environment. They bought companies and screwed them up, I think Yahoo lacked a vision in what they want to be, a search engine? email platform? or a photo sharing service? They didn't have any idea, also they never had any idea in using big data or machine learning back in the day when others started using it.
That's my two cents on that, when I told this about to my mom her response was
If Yahoo bought Google back in the day maybe we won't even have a thing called Google
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