Jackson said Mayer has also spent $2 billion in acquisitions that have "really destroyed value in the eyes of shareholders." Wealth was transferred to venture capitalists, not shareholders, he said.
Now, shareholders are concerned that once Chinese e-commerce site Alibaba goes public and Yahoo makes money off its stake in the company, Mayer will waste the money.
"Why should Yahoo shareholders believe that after wasting $2 billion in acquisitions that suddenly the next $2 billion or $3 billion she is going to spend post-Alibaba are going to be any better?"
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Since one of the biggest discounts embedded in Yahoo's stock is the assumption that the tech company will have to pay a huge tax bill after the Alibaba sale, Jackson thinks shareholders should lobby for Alibaba or Softbank to buy Yahoo.
"There would be a tremendous tax savings if one of those two companies bought Yahoo and returned a lot of the cash back to shareholders," he said.
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Jackson first wrote about his Mayer problem in a column for Forbes titled "How Do You Solve a Problem Like Marissa?"
—By CNBC's Michelle Fox
Disclosure: CNBC has a content-sharing partnership with Yahoo's finance site.