Yahoo's value continues to freefall and is now worth $13 billion less than what it was when Microsoft tried to buy the company.

Yahoo is its lowest level in nearly five years, which is starting to make the justification of the management  Board for not selling itself to Microsoft when it had the chance look very silly. You can pick up a used Yahoo share for $17.75. Microsoft was happy to offer $33 per share in May.

The Yahoo Board wanted more cash from Ballmer's boys, claiming that the company was worth a lot more than that. Clearly, it wasn't. Yahoo is hoping for a major lift from rival Google, which plans to start selling ads alongside some of Yahoo's search results in October.

This deal is expected to fall foul of U.S. anti-trust regulators, who are examining whether the partnership would diminish competition in the online advertising market.