Unicorn social app IRL to shut down after admitting 95% of its users were fake
Reading Time: < 1 minutesIronically, the social app IRL‘s users do not exist in real life.
An internal investigation by IRL’s board of directors found that 95% of the app’s reported 20 million users were ‘automated or from bots,’ The Information first reported. So, after raising more than $200 million in venture capital, IRL is shutting down.
IRL was poised to become an event organizing alternative for Gen Z, who are using Facebook less and less. But after raising its SoftBank-led $170 million Series C round at a $1.17 billion valuation, the company’s internal troubles became more obvious.
‘Becoming one of these iconic, impactful companies is akin to winning a gold medal in the Olympics. In fact, probably more challenging,’ Shafi wrote in the memo, which was full of similarly outlandish analogies. ‘Like the Olympics, we know most people don’t want to be Olympians. In the same way, not everyone will want to walk the path we are walking. But for those that want to push their limits and find out what they are capable of, this culture is for you.’
Around the same time as these layoffs, IRL employees started doubting Shafi’s claim that the app had 20 million monthly active users; then the SEC began investigating whether IRL violated securities laws. By April, IRL’s board of directors suspended Shafi and appointed an acting CEO.
Reference: https://techcrunch.com/2023/06/26/irl-shut-down-fake-users/
Ref: techcrunch
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