Ironic happenings Monday as innovation hit the wires with the unveiling of Apple’s gorgeous watch. The different styles and looks are stunning. But as news of this fascinating new wearable bubbled up all over the Internet, one of the tech industry’s greats dropped a bombshell. Gigaom announced on Monday it was shutting its doors due to financial struggles, according to a post on its website, saying:
“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
Om Malik, who founded and launched Gigaom in 2006, poured his heart and philosophy into this unique website built on breaking news, in-depth tech stories, and collaborative discussions. And his passion for the best coffee, Italian leather shoes and watches, and great writing always shone through.
Sharing a bittersweet farewell note on his personal site, Om noted:
“Gigaom is winding down and its assets are now controlled by the company’s lenders. It is not how you want the story of a company you founded to end. Every founder starts on a path — hopeful and optimistic, full of desire to build something that helps change the world for the better, reshape an industry and hopefully become independent, both metaphorically and financially. Business, much like life, is not a movie and not everyone gets to have a story book ending.”
If you ever doubted that Om created something special, just look at the tweets from his team, which will hit you right in the feels. This is such a talented group, it’s hard to believe it’s really over.
In recent months, Gigaom saw some significant managerial changes take place – a hint of things to come, maybe – particularly after Executive editor Tom Krazit moved on in February 2015. News of Gigaom’s website closure leaves it unclear as to how other pieces of their business, such as research and events, will be affected. For example, Stacey Higginbotham tweeted that she’ll still be at SXSW.
We certainly wish the Gigaom team all the best and will share any further news and developments. In the meantime, you can read Stacey’s personal blog about her new journey here, on Medium. Chin up gang; you guys and gals are solid, and surely something new and exciting awaits you right around the corner.