Karp announced in November 2017 that he would be leaving Tumblr by the end of the year. Verizon Communications acquired Yahoo in June 2017, and placed Yahoo and Tumblr under its Oath subsidiary. Advertising sales goals were not met and in 2016 Yahoo wrote down $712 million of Tumblr's value. David Karp remained CEO and the deal was finalized on June 20, 2013. Many of Tumblr's users were unhappy with the news, causing some to start a petition, achieving nearly 170,000 signatures. to acquire Tumblr for $1.1 billion in cash. On May 20, 2013, it was announced that Yahoo and Tumblr had reached an agreement for Yahoo! Inc.
