Twitter have had to write off most of the $70 million it poured into SoundCloud in mid-2016.
Twitter shared the sorry news in its 2017 Annual Report, which states that the company was forced to write off $66.4 million of the $70 mil — a figure commonly known in financial circles as an “absolute fuckton” of money — after it turned out not to be the savvy investment they first assumed.
The money was sunk into SoundCloud in June 2016, as part of a $100 million round of funding. Needless to say, that didn’t go too well.
SoundCloud struggled for a while, ran out of cash in early 2017, and ended up taking a funding deal with the Raine Group and Temasek last August which was worth $170 million, but ultimately resulted in the ousting of Founder Alexander Ljung.
We imagine he was more than happy to be rid of this mess!
Now, a song.