&gt; Owning a stock is never a liability. Never would a stock go negative dollars.<p>I agree that the market isn&#x27;t currently quite saying that core Yahoo is worth &lt; 0, but your logic here is completely incorrect. While of course this is true of an entire share of stock, we&#x27;re not talking about a literal share of stock being valued at less than zero. Core Yahoo is a subset of what the share represents ownership of, and that subset is what people are claiming is being valued at less than zero.<p>This is quite clearly possible if the expectation is that the subset will use more resources from the overall entity than it will produce (for a trivial example, if we imagine that the subset is worth X billion and you expect it to spend its entire cash hoard of X+1 billion on unprofitable investments, then the subset has negative value).<p>It&#x27;s far from impossible for the market to value core Yahoo at less than zero; it simply means that it thinks that Yahoo is going to die and on the way it&#x27;s going to net-squander some of the other resources that are contained within a single share of YHOO.<p>Basic Finance 101.