They approved the tumblr deal.

Matt promised targets.

Every target was missed and financially the deal was a failure.

The board then stopped any further acquisitions.

I would guess that texts / beeper were cheap and that Matt is looking at a very very long time to profit. He was once a fan of the 'pizza/team' ratio that Bezos/Amazon pushed, so maybe that's where he is looking.

For pennies on the dollar, and for a very specific strategy, which Mullenweg outlined pretty thoroughly.

Did it work? No, but I don't know of any examples of an entrepreneur who bats 1000