SoundCloud Could Run Out Of Cash In 50 Days
Soundcloud has sprung some major leaks in terms of their money levels,
According to a new report from Tech Crunch, details have surfaced that paint a pretty ugly picture for the streaming company. Supposedly, founders Alex Ljung and Eric Wahlforss “confessed the [recent] layoffs only saved the company enough money to have runway ‘until Q4’ — which begins in just 50 days.” The layoffs they’re referring to was the recent exodus of 40% of the company’s overall staff.
The morale seems pretty low among staff members as well. During an “all hands on deck” meeting as described in the report, employees supposedly scoffed at the founders referring to them as a family. Only time will tell if the company’s dark days are almost over or just beginning.
Taken from hotnewhiphop.com