Yahoo's board of directors agreed on Sunday to buy the wildly popular company, which boasts 100million users and 90million posts per day, for $1.1billion cash.
The deal could make the native New Yorker the latest 20-something tech billionaire, even though he was we was publicly opposed, even just last year, to selling the company he founded out of his mother's small Manhattan apartment in 2007.
On Sunday afternoon, it was revealed Yahoo's board approved the purchase, despite a revenue of only $13million last year. Even that figure was only made possible after $125million in capital investments.
Rich man: David Karp, who founded Tumblr in 2007 in his mother's Manhattan apartment, just made hundreds of millions of dollars after his company was purchased by Yahoo
The site, which works as a mico-blogging platform for posting pictures, text and video, also works as a social media site - with Tumblr users following other Tumblr blogs and compiling a news feed, similar to the Facebook feature.
It boasts remarkable loyalty among its users. Some 85percent of Tumblr users make 20 or more posts a month.
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