Billionaire Buys More Of Yahoo, Still Backs Microsoft Merger

November 28, 2008 6:23 p.m. EST

New York, NY (AHN) - Shares of Yahoo jumped 8.8 percent on Friday after billionaire investor Carl Icahn said he increased his position in the company.

Icahn added 6.8 million shares to his Yahoo position from Monday to Wednesday at an average price of $9.92, according to a filing with the Securities and Exchange Commission.

The shares of worth roughly $67 million and are in addition to the $1.5 billion stake Icahn already holds in Yahoo. The move gives him a 5.5 percent stake in the internet search company.

Icahn has been the loudest voice for investors, previously pushing for a deal to be done with Microsoft. He also sought to replace the board of directors and have CEO Jerry Yang replaced.

Icahn has had some success to date; he now serves on the board and has been granted two slots for members of his choice.

Just a few weeks ago, Yang announced he would step down as CEO of Yahoo. The company is currently searching for his replacement.

Shares of Yahoo finished 8.8 percent higher to $11.15 on Friday.