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Crazy lawsuit from an investor - Softbank - against a startup - IRL.
Softbank invested $150m in 2021 ($25m went to insiders) on the claim that IRL had 12m monthly users.
But the company was spending 50k a month on a bot army and the app was "a virtual ghost town."
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SmileDirectClub has filed for bankruptcy and alongside the announcement, they included an infographic listing other brands that have gone bankrupt. All the cool companies are doing it!
205.3K views
His wife, a lawyer, was also allegedly in on it, fabricating bank accounts and audit statements, including one that showed a $13m cash balance when the real balance was $25.93(!!!!!!!). When investors demanded to see the bank account directly from the bank, the pair pulled this
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His wife, a lawyer, was also allegedly in on it, fabricating bank accounts and audit statements, including one that showed a $13m cash balance when the real balance was $25.93(!!!!!!!). When investors demanded to see the bank account direc…
SmileDirectClub has filed for bankruptcy and alongside the announcement, they included an infographic listing other brands that have gone bankrupt. All the cool companies are doing it!
Crazy lawsuit from an investor - Softbank - against a startup - IRL.
Softbank invested $150m in 2021 ($25m went to insiders) on the claim that IRL had 12m monthly users.
But the company was spending 50k a month on a bot army and the ap…
i finally did it, i kept a tab open for a full year. the author of the article has now changed jobs twice. what a run we've had, this tab and me.
12 million people attended a virtual travis scott concert in Fortnite
4. VC firm FAKES signatures on the term sheet and threatens the startup with “nasty, public PR battles” and a “fight until the bitter end” if the startup doesn't take their $.
5. Startup sues, gets a different kind of $ - settlement.
f…
That's how hard investors were fighting to dump money into startups over the last 2 years. Today it's more like the other way around...
just learned about a wild legal fight between a VC firm and startup:
1. Startup is fundraising, VC firm sends unsolicited term sheet.
2. Startup says sorry, the round is oversubscribed.
3. VC wires the money anyway.
4. Startup returns i…
2010: founder of startup with big exit ➡️ VC
2011: techcrunch blogger ➡️ VC
2014: c-suite at startup with ok exit ➡️ VC
2019: stripe engineer ➡️ VC
2020: VC podcast ➡️ VC
2021: VC meme account ➡️ VC
Reading about white collar crime in the new yorker and this detail is just perfect https://t.co/Ou7ZV9Gbgg
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