n mid-May, a few days before Yahoo announced it would be acquiring Tumblr, there was a housewarming party in Greenpoint. A Tumblr employee was moving into an apartment with a friend who happened to be dating another Tumblr employee, and the overlapping social circles resulted in a room full of Tumblr people. It was Saturday night. Late the previous afternoon, a cluster of posts had appeared on tech blogs with the announcement that Yahoo's board would be meeting on Sunday to approve a $1.1 billion offer for Tumblr, and though everyone at the party had read the posts or fielded texts from someone who had nobody had really paid attention. Rumors skittered around the office on a weekly basis. Employees always joked that it didn't matter what kind of options you had because Tumblr was never going to sell.