17 Year Old Sells Company to Yahoo for $30M

Nick D'Aloisio just sold his company Summly to Yahoo for an alleged $30M. Nick is 17 years old. He previously had made the Trimit app when he was only 15. That grew into the Summly app. The app shortens long stories for smartphone users. The app will be shut down and integrated into the Yahoo platform.

Now Nick is no ordinary 17 year old. He started programming when he was 12. His dad works for Morgan Stanley, and his mom is a lawyer. His company Summly has a number of high profile investors such as Ashton Kutcher. Nick is the majority owner of the company. As such, he will be keeping most of the $30M proceeds.

Many are wondering why Yahoo paid such a high price for an app they are shutting down. Summly only had 5 employees. It seems that only 2 of them are making the move to Yahoo. One thing is certain. Yahoo will be getting a lot of press out of this acquisition.