YELP Yelp Inc

$YELP The market is missing the biggest thing happening. Everybody needs Yelp's data. Buying data is cheaper than buying data centers: OpenAI, Amazon/Alexa, Apple Maps, Meta AI, Bing and Yahoo are confirmed buyers using their licensing. And that loop reinforces direct advertising revenue. Their legacy proposition now makes more sense to restaurants, service, etc since AI is the distribution channel rather than some obsolete looking YELP app. Shareholders desperately need new leadership . Current leadership appears disinterested, egregiously overpaid and stuck in 2012. Only one board member even appears has an account with YELP. The board is misrepresenting their engagement, and I think that they are their fiduciary duty. Cygnus Capital has a meaningful position now and has traditionally engaged in activist investing, so hopefully they will force the board/CFO/COO out ASAP. They are worse than dead weight.

$YELP What if an activist forces a sale, with the Google antitrust lawsuit structured as a contingent value right for shareholders? At 5.5x ~$320M EBITDA, the operating business alone pencils out to roughly $32/share. Shareholders could get the buyout AND retain upside from the Google litigation. Nearly 20% of the float is short. Imagine a strategic review announcement with that setup.

We've been talking about these for a while... And they are starting to get their day in the sunshine... $YELP $WY $AAP You can add $CMG to that list too. Bought a few of those as well yesterday.