High school dropout David Karp to get $81 million to stay on at Tumblr

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Yahoo’s recently completed acquisition of Internet blogging service Tumblr includes an $81 million payment to Tumblr founder David Karp as long as he remains on the job for the next four years.

The retention payment disclosed in a regulatory filing Thursday is part of the windfall that Karp and Tumblr investors realized by agreeing to sell the service for $1.1 billion in May.

Karp turned 27 last month. He started Tumblr in 2007, a few years after he dropped out of high school in New York to concentrate on computer programming.

Oreganlive

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Posted on August 9, 2013, in Money and tagged , , , , , . Bookmark the permalink. Leave a comment.

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