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Pandora Stock Tanks after Endorsing Black Lives Matter
By Officer Blue On July 24, 2016
On July 8th, online music service Pandora tweeted a message of support endorsing Black Lives Matter. The employees of the company were likely unaware that Black Lives Matter isn’t exactly popular outside of far left groups.
Their image created a huge backlash online.
The message was sent immediately following the terrorist attack against law enforcement in Dallas. As I’m sure you can imagine, the whole thing didn’t go over well with a whole lot of people.
Pandora has been in dire straights lately, and now they just lost a huge number of users, following their support for Black Lives Matter,
Pacific Crest’s Andy Hargreaves sent a note to clients on Thursday which read:
Pandora is facing its own downfall, and maybe they thought that a tweet supporting Black Lives Matter could draw people away from competitor TIDAL, which is owned by well-known Black Lives Matter supporters such as Alicia Keys, Jay Z, Beyonce, Kanye West, and more. Pandora’s message is unlikely to draw any new subscribers and they just upset millions of law enforcement supporters.Quote:
“Pandora’s core operating leverage has deteriorated and we see little prospect for meaningful profits in on-demand. While M&A is possible, we do not view it as likely at the current valuation. We believe economics in Pandora’s core radio business have been impaired and we do not see meaningful potential for profitability in its push to on demand. We do not recommend owning P.”
Let’s spread the word that Pandora is supporting the hate group of Black Lives Matter, and let the market tell them what they think.
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