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It's crazy Yahoo! bought tumblr. It would be very difficult to look at $1B and say 'no thanks', even when you were pretty sure that Yahoo! would run it into the ground. Immediately, I would begin thinking about the other projects on the back burner, and what could be done with a truckload of money. The model makes sense in some ways, but the graveyard of success is a very weird thing. I think tumblr had to sell because it had so much VC investment, and was not bringing in revenue to match it. I'm sure the rationale is that Yahoo! has the ability to leverage blah blah blah. This would be difficult. Tom Waits and Bill Watterson kick ass.