Peter Kafka

Recent Posts by Peter Kafka

Pandora Is a Free Music Company Worth $2.6 Billion

Plenty of folks make a persuasive case that Pandora may be overvalued, but investors aren’t paying attention: The company sold 14.7 million shares at $16 apiece today, giving the Internet radio service a value of $2.6 billion. That’s up from the $10 to $12 range the company floated last week, which was above the $7 to $9 range it had floated a week before that. The general public gets to weigh in tomorrow, when shares start trading on the NYSE under the “P” symbol.


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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work