Amazon Acquired Woot: CEO Matt Rutledge and his Reactions
The American-based multinational electronic commerce company has just bought the American Internet retailer Woot. The company has been famous to be offering only one discounted product each day, often a piece of computer hardware or an electronic gadget. Woot CEO, Matt Rutledge has had an interview June 30, 2010, confirming that Amazon has acquired their company for the amount of $110 billion.
Rutledge has received several “you suck” emails ever since the news was known. There has been an interview to the CEO with regards to this. He was asked why of all companies, why they chose Amazon? He responded that Amazon is a great brand, and you won’t find many people that actually hate Amazon. He said that they’ve seen Amazon as a “real interesting partner for some time.” Now, that relationship is official.
He was also asked why was the acquisition done at this time. His answer was : “As an entrepreneur, you really don’t want to slow down; you want to grow faster and bigger. It was the next step as soon as we were ready to take it.” As for the potential synergies between Woot and Amazon, he said, “There are a lot of areas that we are excited about, but we have a lot of learning to do in order to figure out what makes sense.” We’ve already seen one potential synergy in play, though. Today’s Deal of the Day was none other than the Amazon Kindle.
He was also asked what are the changes now that Woot has been acquired by Amazon: “I don’t think anything will change,” he responded. Rutledge explained that Woot is on the “opposite end of the spectrum of a really defined culture” because they have a “firm opinion that a defined culture is not a true culture.” He told me that Jeff Bezos, Amazon’s founder and CEO, understands that.
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