Yelp shares are tanking because of this decision by the CEO

Managing Editor

July 2, 2015, 2:46 PM ET

Key Speakers At The MobileBeat Conference

Jeremy Stoppelman, chief executive officer and co-founder of Yelp Inc., speaks during the MobileBeat Conference in San Francisco, California, U.S., on Tuesday, July 9, 2013. MobileBeat, VentureBeats sixth annual flagship conference on the future of mobile, gathers members of the industry to look beyond design and implement a fully integrated experience. Photographer: David Paul Morris/Bloomberg via Getty ImagesDavid Paul Morris/Bloomberg—Getty Images

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 Fortune’s 2013 profile of Stoppelman.

About the Author

By Benjamin SnyderManaging Editor

Benjamin Snyder is Fortune's managing editor, leading operations for the newsroom.

Prior to rejoining Fortune, he was a managing editor at Business Insider and has worked as an editor for Bloomberg, LinkedIn and CNBC, covering leadership stories, sports business, careers and business news. He started his career as a breaking news reporter at Fortune in 2014.

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