Yelp (YELP) shares are down over 10% in Thursday afternoon trading. The reason? CEO Jeremy Stoppelman reportedly made the decision to hold on selling the review website.
Goldman Sachs, which was hired to find a buyer, has halted the process as a result of the founder and CEO, Bloomberg reported, citing people familiar with the matter.
But Yelp may bid for a sale once more depending on what Stoppelman, who founded the company, decides going forward. The company’s market cap is currently at $2.9 billion, with shares going for around $37.
A Yelp spokesperson declined to comment on the subject when asked by Bloomberg.
Stoppelman has already rejected offers from Google and Yahoo.
For more on Yelp, check out Coins2Day’s 2013 profile of Stoppelman.
