Yahoo rejected the bid, claiming that it "substantially undervalues" the company and was not in the interest of its shareholders. In February 2008, Microsoft made an unsolicited bid to acquire Yahoo for $44.6 billion. In 2008, the company laid off hundreds of people as it struggled from competition. In response to Google's Gmail, Yahoo began to offer unlimited email storage in 2007. Over the next four years, it developed its own search technologies, which it began using in 2004 partly using technology from its $280 million acquisition of Inktomi in 2002. Yahoo began using Google for search in June 2000. However, after the dot-com bubble burst, it reached a post-bubble low of $8.11 on September 26, 2001. Its stock price skyrocketed during the dot-com bubble, closing at an all-time high of $118.75/share on January 3, 2000. Yahoo's two biggest acquisitions were made in 1999: Geocities for $3.6 billion and for $5.7 billion. In 1998, Yahoo replaced AltaVista as the crawler-based search engine underlying the Directory with Inktomi. Yahoo began offering free e-mail from October 1997 after the acquisition of RocketMail, which was then renamed to Yahoo Mail. It also made many high-profile acquisitions. By 1998, Yahoo was the most popular starting point for web users, and the human-edited Yahoo Directory the most popular search engine, receiving 95 million page views per day, triple that of rival Excite. Like many search engines and web directories, Yahoo added a web portal, putting it in competition with services including Excite, Lycos, and America Online. Yahoo became a public company via an initial public offering in April 1996 and its stock price rose 600% within two years. Expansion Map showing localized versions of Yahoo! web portals, as of 2023 Yahoo sign at Times Square Yahoo soon became the first popular online directory and search engine on the World Wide Web. This allowed users to search Yahoo Directory. In 1995, a search engine function, called Yahoo Search, was introduced. However, Filo and Yang insist they mainly selected the name because they liked the slang definition of a "yahoo" (used by college students in David Filo's native Louisiana in the late 1980s and early 1990s to refer to an unsophisticated, rural Southerner): "rude, unsophisticated, uncouth." This meaning derives from the Yahoo race of fictional beings from Gulliver's Travels. The term "oracle" was intended to mean "source of truth and wisdom", and the term "officious", rather than being related to the word's normal meaning, described the many office workers who would use the Yahoo database while surfing from work. The term "hierarchical" described how the Yahoo database was arranged in layers of subcategories. The word "yahoo" is a backronym for " Yet Another Hierarchically Organized Oracle" or "Yet Another Hierarchical Officious Oracle". The "" domain was registered on January 18, 1995. In March 1994, "Jerry and David's Guide to the World Wide Web" was renamed "Yahoo!" and became known as the Yahoo Directory. The site was a human-edited web directory, organized in a hierarchy, as opposed to a searchable index of pages. In January 1994, Yang and Filo were electrical engineering graduate students at Stanford University, when they created a website named "Jerry and David's guide to the World Wide Web". For a chronological guide, see Timeline of Yahoo! Founding Jerry Yang and David Filo, the founders of Yahoo The Yahoo home page in 1994, when it was a directory.
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