Buying Tumblr is a big enough deal for Yahoo that they clearly aren’t intending to ruin it or shut it down — like YouTube and Google, Tumblr will probably become an extremely important part of Yahoo indefinitely. And I believe they’ll do a good job with it. Yahoo today is a very different company than the Yahoo that neglected Flickr for years — it has extremely competent new leadership making bold changes. (Including fixing Flickr.)
More importantly, it gives David, and the rest of Tumblr’s team, the freedom to continue making the best product they can while offloading a lot of the grunt work to Yahoo’s leadership, staff, and infrastructure.
As for me, while I wasn’t a “founder” financially, David was generous with my employee stock options back in the day. I won’t make yacht-and-helicopter money from the acquisition, and I won’t be switching to dedicated day and night iPhones. But as long as I manage investments properly and don’t spend recklessly, Tumblr has given my family a strong safety net and given me the freedom to work on whatever I want. And that’s exactly what I plan to do.