Check out the performance of NYSE:P this week–Pandora’s Tim Westergren’s performance at the Future of Music Coalition Policy Conference was a new approach for a top executive of a public company. Bring the spinners from the company’s shillery and the bots from the company’s trade association to do what? Build up the company’s future with all the good news that it was able to have a hugely successful public offering and was on a fantastic growth trajectory in the short term due to a superior product and an effective sales force?
No–these inside the beltway geniuses told the markets that anyone getting into the space would have to be crazy and that the company was barely treading water.
And did the stock price explode to the upside with all these smarter-than-thou types educating the markets?
Actually–the stock hit an all time low and is testing lower lows today.
So because Pandora is being manipulated in my view by the Gang of Four and other Big Tech oligarchs, Pandora’s stock took the hit and that creamed the net worth of all Pandora stockholders. This inexplicable “strategy” with messaging that is right out of 1999 is slamming the company’s market cap. And guess what?
Whatever happens to this bill, the Gang of Four will not have their fingerprints on the bill. Pandora will, and specifically Tim Westergren will. If the Gang of Four and Clear Channel step away from the bill and leave Pandora twisting in the wind–which could very easily happen–Wyden and Chaffetz will say they were misinformed and everyone will move on.
Wakey wakey kiddies. Think of the employees who are watching their stock tank.