Early Investor in Yahoo Nets $8 Million

Yahoo director Arthur Kern, an early investor in the Internet media giant, collected a net gain of almost $8 million last month by exercising options priced at pennies a share and then selling that stock for more than $46 a share.

A private investor, Kern joined Yahoo’s board in January 1996, months before the company’s initial public offering. Since 1998, he has sold Yahoo stock totaling more than $80 million — shares that cost him about $145,000 to purchase through options all priced for less than $1 a share, according to Thomson Financial.

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