Five Years Late, and Several Hundred Billion Short
In 2000, AOL chief Steve Case conned an eager-to-be-conned Gerald Levin into selling Time Warner to AOL. TWX was trading at about $45 the day before the deal closed, in January 2001. Friday the stock closed at about $18. In the 33 months AOL Time Warner existed, $200 billion of shareholder value disappeared, although in that first post-merger year alone, Case cashed about $100 million in AOL Time Warner stock. Isn't it nice that he, too, now thinks the merger should be undone?
