Pickens said that he had grown tired of waiting for a deal between Microsoft and Yahoo, following numerous takeover advances by Microsoft and subsequent rejections by Yahoo.
"I think that Yahoo management was pathetic," Pickens told The San Francisco Chronicle.
Pickens, a Texan oil businessman, invested in Yahoo after corporate raider Carl Icahn spent billions of dollars buying into the company, in the hope of replacing the company's board with executives open to a sale to Microsoft. Pickens had pledged to support Icahn's strategy.
However, earlier this month, Icahn settled his differences with Yahoo, agreeing to a deal to gain three seats on Yahoo's board, and with it, a chance to shape the company's future strategy.
Since then, Microsoft has conceded that it is unlikely to revisit plans to acquire Yahoo.
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