Billionaire Dan Gilbert teams up with investor Warren Buffet in bid for Yahoo

Billionaire Dan Gilbert
Billionaire Dan Gilbert

By Steve Neavling
Motor City Muckraker

Quicken Loans founder Dan Gilbert is teaming up with billionaire investor Warren Buffett and others to vie for Yahoo’s internet assets, according to Reuters and Bloomberg News.  

The consortium of investors has reached the second round of bidding for the assets, according to sources familiar with the deal.

Yahoo has struggled to maintain users and revenue and announced earlier this year that it’s reducing its workforce by about 15%.

The internet company is no stranger to Quicken Loans and Buffett, who is chairman of Berkshire Hathaway Inc. The trio teamed up to offer billion to anyone who could correctly pick all winners in the NCAA men’s college basketball tournament.
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No one connected to the bid for Yahoo returned calls for comment.

Gilbert owns or controls more than 80 downtown Detroit properties and is embarking on a housing project in Brush Park.

In April, a judge ruled that six of Gilbert’s companies violated the National Labor Relations Act for overly broad, threatening language in a “confidential” employee handbook that prevented the formation of unions and censored workers.

Steve Neavling

Steve Neavling lives and works in Detroit as an investigative journalist. His stories have uncovered corruption, led to arrests and reforms and prompted FBI investigations.

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