(NASDAQ:GKNT) A Geek Tragedy.
(NASDAQ:GKNT) A Geek Tragedy.
Yesterday, December 26th, TUAW released an article across the internet including twitter entitled "New iPhone? Try these must-have free apps".
One of the Apps featured (and available on iTunes) is Zite "...Zite is a free personalized magazine for your iPad that automatically learns what you like and gets smarter every time you use it. Zite delivers all the great news, articles, blogs, and videos you want – and helps you discover new stuff that you'll love..."
On November 16, 2010 Geeknet essentially announced the same product with its own recommendation engine "...A Recommendation Engine That Tailors News to Individuals..." and was also was also covered here [7.] on Motley Fool on November 20, 2010. So, what happened to Feedery? The same thing that happened to Slashdot, SourceForge, Linux.com, Ohloh, Geek.com...[1,2,3,4,5,6,7,8,9,10].
Geeknet...the face of shareholder value destruction...the eternal Harvard Case Study...first at much but no clue how to monetize anything...while giving away Linux.com and sold Geek.com and ohloh.net at losses in less than one year after their respective acquisitions and gave multimillion dollar bonuses to employees begging them to work at GKNT and not based on performance ($ v. passion) and as we have said repeatedly Geeknet is committed to profitable growth[2.]...really.
Perhaps one of ThinkGeek's founders put is best in his [public] tweet:
10/1/10 5:52 PM I adore going back in time, reading GKNT stock watcher's "predictions" and laughing at how totally absurdly wrong they were. © 2010, 2011 Twitter
References: (Note: All below references include all comments associated with the below blogs)
1. (Nov 15, 2011) (NASDAQ:GKNT) Q3 Ending Sep 30: Fellini Satyricon meets Barbarians at the Gate.
2. (Aug 05, 2011) Geeknet (NASDAQ:GKNT) Q2 Conference Call For Period Ending 30 June 2011
3. (Aug 02, 2011) Geeknet (GKNT) - Q2 Ending June 30 Out Wed Aug 3. Langone Must Deliver Profitability(.)
4. (July 24, 2011) [UPDATE1] (NASDAQ:GKNT) Money For Nothing? On a Visionary and Passionate Management Team and Corporate Culture
5. (Jan 16, 2011) "Gee Whiz Beav, I'm feeling really swell about 2011". "That's great Wally, here's a $2 million bonus!". GKNT Shares Tumble as Non-insider Shareholders Have Many Questions.
6. (Jan 08, 2011) Geeknet GKNT still not public with Geek.com divestiture to Ziff-Davis (1/2/11) GKNT Board of Directors Awarded $499,775.44* in Bonuses (1/3/11) not based on performance / GKNT earnings.
7. (Nov 20, 2010) [Update1] Geeknet's GKNT Feedery.com - A Recommendation Engine That Tailors News To Individuals - Is it real or is it Fossfor.us?
8. (Oct 16, 2010) [Update2] Geeknet (GKNT) Announces Sale of Ohloh.net to Black Duck Software. What's Next for SourceForge.net and Slashdot.org?
9. (Oct 02, 2010) [Update3] Geeknet Disrupt - 9/30 GKNT 52/133 Week High: In Perspective - 31 Months Ago 13D Hedge Fund Shareholder Put Pressure On Geeknet (GKNT) Board Demanding to Unlock Value.
10. (Apr 23, 2010) Is SourceForge nka Geeknet (LNUX) About to Blow it a Second* (Third) Time in its Ten Year History? aka What happened to Slashdot?