Uber, AirBNB, and DropBox are each worth more than Yahoo

Uber, AirBNB, and DropBox are valued at $10 billion each.

Yahoo has a market cap of $33 billion. At first glance, it seems like Yahoo is worth more than all 3 combined. But here's the kicker:

Yahoo owns 23% of AliBaba, which will debut as the biggest IPO in history, with an estimated conservative market cap of $100 billion. That means Yahoo's stake is worth $23 billion.

Even with that $23 billion windfall, investors are only valuing Yahoo at around $10 billion max.