《福布斯》报道：雅虎CEO杨致远信心十足，他相信，没有微软，雅虎的前途依然“光明”，并且笃定他的公司价值500亿美元以上。

上周六，由于双方无法就收购价格达成一致，微软放弃收购雅虎。微软CEO鲍尔默表示，即使收购成功，这场“战争”的耗资也会让他得不偿失。

周一，雅虎股价跌至23.31美元，下降了5.36美元，跌幅达18.7%。如果不能证明雅虎的价值，杨致远的损失将更大。

目前，杨正积极寻求与Google和AOL的合作。

Jerry Yang\'s $500 Million Bet
Andrew Farrell, 05.05.08, 12:20 PM ET

Yahoo! Chief Executive Jerry Yang is so confident his company has a star-bright future without Microsoft, he\'s bet his job and more than $500 million dollars on it.

Yang--who owns slightly more than 54 million shares of Yahoo! (nasdaq: YHOO - news - people )in his name and through a family partnership--would have collected $1.7 billion in a sale to Microsoft (nasdaq: MSFT - news - people ). Co-founder David Filo, who owns nearly 80 million shares, would have cashed in for $2.6 billion. But the Seattle software giant yanked its bid over the weekend.

Microsoft and Yang were unable to agree on a price, and Microsoft Chief Steve Ballmer feared that even if he won, the costs of the battle would render it senseless by the end. Yang, confident in his company\'s future, fought Ballmer all the way, and wanted $37 per share. Microsoft wouldn\'t budge above $33 and yanked the offer Saturday.

Monday proved predictably ugly for Yahoo!\'s stock. In morning trading, it fell $5.36, or 18.7%, to $23.31. As a result, Yang\'s stake is now worth $524.3 million less than it would have been in a Microsoft buyout. Filo\'s stake is worth $774.2 million less.

Yang stands to lose even more if he can\'t prove that Yahoo!\'s worth what he thinks it is. His unwillingness to sell will cost shareholders dearly in the short-term, and there\'s good chance they\'ll push for his ouster as chief executive if the stock doesn\'t stage a comeback soon.

One option could be a partnership with Google (nasdaq: GOOG - news - people ) to boost advertising revenues. The deal would have to pass regulatory scrutiny, though, because of antitrust concerns. Google and Yahoo! control nearly 90% of the search market. (See: "GooHoo\'s Dangerous Liaisons.")

Another option could be an attempt to acquire AOL. Microsoft could stand in the way of this though. Spurned by Yahoo!, Microsoft is now free to pursue other big acquisitions. It could try to buy AOL from Time Warner (nyse: TWX - news - people ) or MySpace from News Corp. (nyse: NWS - news - people ) ( See: "Microsoft-Yahoo!: Ten Takeaways.")

Getting Yahoo! shares back up to $33 won\'t be easy, but Yang seems to have plenty of motivation. Other shareholders do too.