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Boone Pickens and His Yahoo Bet

Legendary oil investor Boone Pickens is making a Yahoo bet, thanks to his friend Carl Icahn.

Pickens has bought 10 million shares of the Internet company , banking on Icahn's recent moves to prompt renewed takeover discussions with Microsoft .

"Carl Icahn is a smart guy. He does great things for shareholders. Because of Carl Icahn I'm a shareholder in Yahoo too. ... He jumps in first, I jump in behind him," Pickens said in an interview on CNBC's "Squawk Box." (See his full interview in the accompanying video).

More: Pickens Sees Oil Going to $150 a barrel.