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7/23/2025, 1:20:41 AM
>>102554575
>WHERE THE FUCK DID IT GO
>Did someone buy an island?
I've worked for a startup that raised $5M and burned through it in 2 years. I have friends who worked at companies that raised more ($10M to $30M) and burned it faster. It's pretty easy to spend a few million a year on a medium-sized team's salaries, plus SaaS business services, plus marketing services, plus PR stuff like conventions, etc.
They should not have been able to mismanage their books for this long while keep up appearances. It's honestly kind of an achievement, albeit a really evil achievement that fucked over good people.
But it's likely that is the entire story: They over-hired and spent more than they earned. They spent it on fancy shit that didn't contribute directly to more revenue (example: they paid someone who auditioned but didn't join? wtf?). They tried to NOT pay people (artists, etc.) to keep their moment of insolvency just a few more weeks in the future.
There's probably no yacht, no house, no single moment where money was "funneled" anywhere, or single account where it can be found or clawed back from. Just irresponsible over-spending in a thousand small situations, and a "growth will solve everything" hypothesis that failed.
>WHERE THE FUCK DID IT GO
>Did someone buy an island?
I've worked for a startup that raised $5M and burned through it in 2 years. I have friends who worked at companies that raised more ($10M to $30M) and burned it faster. It's pretty easy to spend a few million a year on a medium-sized team's salaries, plus SaaS business services, plus marketing services, plus PR stuff like conventions, etc.
They should not have been able to mismanage their books for this long while keep up appearances. It's honestly kind of an achievement, albeit a really evil achievement that fucked over good people.
But it's likely that is the entire story: They over-hired and spent more than they earned. They spent it on fancy shit that didn't contribute directly to more revenue (example: they paid someone who auditioned but didn't join? wtf?). They tried to NOT pay people (artists, etc.) to keep their moment of insolvency just a few more weeks in the future.
There's probably no yacht, no house, no single moment where money was "funneled" anywhere, or single account where it can be found or clawed back from. Just irresponsible over-spending in a thousand small situations, and a "growth will solve everything" hypothesis that failed.
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