10. Yahoo's Shareholder Structure Likewise Could Spell Doom

Institutional shareholders own about 73 percent of Yahoo's stock, and they may ultimately decide Yahoo's fate. Yahoo does not have a dual-class share structure, which gives a company's founding managers voting control of the company even if they don't own a majority of the total shares. If Yang and co-founder David Filo—who together own more than 10 percent of Yahoo stock—operated under a dual-class system, a hostile takeover would be a lot harder to pull off.