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Peak Hosting drops basket with big golden egg, files for bankruptcy
Peak Hosting CEO Jeffrey Papen Oregon data center Peak Hosting has retreated from a “massive growth trajectory” and has laid off three quarters of its workforce (peaked at 200 f/t employees, now down...
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DAO ether trading platform DOA after cyber-heist
This one is a heartbreaker, nobody likes to see malevolent actors succeeding in killing an entire company but that’s what’s happened with the ether crypto-currency trading platform DOA. Thieves have...
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Walgreens to pull plug on Drugstore.com, Beauty.com
In a cost cutting initiative, Walgreens will shut down drugstore.com and beauty.com by the end of September, proving once again that when placing your faith in “category killing” domains, the only...
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E-cig unicorn NJOY goes terminally bankrupt
After raising $70 million from backers like Peter Thiel and Bruno Mars at a valuation in excess of $1 Billion, e-cigarette manufacturer NJOY has filed for bankruptcy. It has an accumulated deficit of...
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‘Sup’ is down.
The ‘Sup’ app, whose “boil the ocean” mission was to help people figure out which of their friends are nearby, and possibly available to hang with, will be shutting down. Despite being touted as “a...
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Ola raises $300 million in a down-round
India’s Uber-wanna-be for cabs, Ola capitulated and took $300 million from existing hostage investor, Softbank at a $3.5B valuations, after 6 months of unsuccessfully scouring for $500M at a $5B...
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#tangodown Lily Robotics
After collecting pre-orders from approximately 60,000 customers, autonomous camera drone maker Lily Robotics has declared bankruptcy and is shutting down. The company is looking for a buyer for it’s...
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Answers.com files for Chapter 11 Bankruptcy
Answer Corp, parent company to Answers.com has filed for Chapter 11 bankruptcy in a maneuver to jettison close to half-a-billion in debt. Top creditors are: Yahoo, Inc. with an unsecured claim of...
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Amazon trashes diapers.com, soap.com et al
Amazon announced today that it will shutdown the entire Quidsi division, which it purchased for $545 million in 2010, citing lack of profitability. The Quidsi division included various retailers,...
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Mad Catz delisted from NYSE, files for Chapter 7 bankruptcy
Peripheral maker Mad Catz has thrown in the towel after unsuccessfully scouring for (pick one), bank financing, an equity infusion or sale of assets. Apparently after enjoying a fairly solid business...
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What went wrong at Social Capital?
“Social Capital arrived in Silicon Valley seven years ago with a charismatic co-founder, former Facebook executive Chamath Palihapitiya who also owns a piece of the Golden State Warriors. It raised...
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Canada’s “Disrupted”, eh
The inaugural post of this blog was a review of Dan Lyon’s “Disrupted”, which put a point to the unicorn economy, where money losing companies crowd out real businesses by sucking up all the oxygen in...
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Munchery is over.
On demand food delivery start-up Munchery is bankrupt and shutting down effective immediately. They’ve burned through $125 million in VC, their last round was $87 million in 2015 at a $300 million...
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WeCash-out, before IPO
The WSJ today reported on how WeWork co-founder and CEO Andrew Neumann has extracted $700,000,000 in share sales and loans from his money-losing, pre-IPO unicorn. So far Neumann has purchased 4 homes...
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Unicorns Jump The Shark: WeWork IPO In Danger of being Shelved
For some reason the investing public seems to be giving the WeWork IPO a suboptimal reception. After multiple reductions in the IPO sticker price, from 40B down to 20B and now perhaps even less, the...
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VentureCrapital initiates coverage on $TSLAQ
I had all but mothballed this project because, frankly, I was neglecting it. But lately I’ve been feeling like some kind of inflection point has been reached. When multiple unicorns are underwater or...
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Bloomberg: WeWork floats “governance change” to salvage IPO
As per Bloomberg: WeWork desperately scrambles to salvage an IPO being spurned by the investing public by floating a “governance shakeup” although any reforms would still leave Neumann with total...
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Pley, that hot start-up that rented Legos by the month inexplicably failed.
So yeah, I decided with WeWork and $TSLAQ and assorted unicorn b.s (like TIL that Softbank put $300M into a dog walking app can you believe that?) even though I’m busy with normal things, I am...
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Tesla to lay off up to half of sales and delivery staff
CNBC reported Friday that Tesla will be laying off up to half of it’s sales and delivery staff, this comes on the heels of other layoffs reported earlier in the week. Salaried employees are looking at...
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AirBnB Pivots to “Virtual Experiences”, Lands $1 Billion Down Round
AirBnB, the tech unicorn that monetizes your spare room has been hit hard by the Coronavirus academic. As the company and the phenomenon grew, more and more “investors” levered up to buy more...
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