Tech site Gigaom is shutting down

Tech site Gigaom is shutting down

According to multiple Gigaom writers on Twitter, the site and business launched by Om Malik in 2006 is shutting down.

For fans of the site and fellow tech journalists (including myself), this is a shock.

According to writer Mathew Ingram, the site has run out of money.

Founder Malik left the day-to-day operations of the site in February 2014 to become a partner at True Ventures. He then joined the company’s board. At the time, the business raised $8 million in funding.

In addition to the site, the business is also known for events. According to writer Stacey Higginbotham, the upcoming Structure Data event in New York is in the hands of trustees.

Gigaom posted the following:

A brief note on our company

Gigaom recently became unable to pay its creditors in full at this time. As a result, the company is working with its creditors that have rights to all of the company’s assets as their collateral. All operations have ceased. We do not know at this time what the lenders intend to do with the assets or if there will be any future operations using those assets. The company does not currently intend to file bankruptcy. We would like to take a moment and thank our readers and our community for supporting us all along.

— Gigaom management

On his personal site, Malik posted that the company is now in the hands of its lenders. He also posted the following:

There will be time for postmortems, but not today. Today, I want to thank all the people who make (and have helped make) Gigaom. Their role in this journey was what really made it all worth it. They are great people and they will all do great work wherever they go. I want to thank our investors who believed in the business long before it became fashionable. And most importantly, I want to thank you dear readers for coming along on this trip of a lifetime.

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