“A longtime popular place to socialize, blog, participate in fandoms, and more, Tumblr originally exited to Yahoo (also TechCrunch’s parent) for north of $1 billion under then-CEO Marissa Mayer’s leadership in 2013. The hope at the time was to transform Tumblr into another social media powerhouse and to grow its ads business. However, the subsequent years were rough on Tumblr, as sites like Facebook, Instagram, and Reddit dominated the space.”
That last sentence just skips the whole story.
Verizon bought Yahoo in 2017, thinking the way to "grow the ad business" was to dump the "and more" part of Tumblr in 2018. It took less than a year for Verizon to look for a way to avoid being reminded of this miscalculation. Asking 0.3% of Yahoo's price did the trick in 2019.
This isn't so long ago. The omission is interesting.