Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened?
On April 1, 1999, Yahoo! acquired Broadcast.com for $5.7 billion.Where The Market Was
The Dow finished the day at 9,832.51. The S&P 500 finished at 1,293.72.What Else Was Going On In The World?
In 1999, Walmart Inc. purchased U.K. supermarket chain ASDA. The U.S. saw its first cases of the West Nile virus. The average annual U.S. income was $40,810.Cuban Cashes Out
Broadcast.com was founded under the name AudioNet in September 1995 by Christopher Jaeb. Later that year, entrepreneur Mark Cuban took a sizable stake in the company. Broadcast.com was an internet sports radio company that allowed internet users to listen to radio broadcasts of out-of-town sports games online.In 1998, Cuban and company took Broadcast.com public during the Wall Street dot-com bubble. The stock’s share price skyrocketed by 250 percent on its first day of trading. The public company was then valued at around $1 billion, making Cuban’s stake worth about $300 million.
