In shock move, pioneering technology news blog Gigaom has shut down after running out of money.
“Gigaom recently became unable to pay its creditors in full at this time,” reads a statement on the website. “All operations have ceased. … The company does not currently intend to file bankruptcy.”
Founded in 2006 by Om Malik, GigaOM was known for its tech conferences and white-paper research. The site attracted around 6.5 million readers per month.
The news site didn’t say when its financial troubles began, or identify the cause. For years, the influential site chronicled the rise and fall of Silicon Valley startups.
Gigaom’s closure seemed abrupt as it was still publishing stories within two hours before the announcement that it was closing.
Senior writer Mathew Ingram said the news “hurts more than I can say”, while the site’s founder Om Malik thanked its staff and readers.
“It is not how you want the story of a company you founded to end,” he wrote in a statement. “Business, much like life, is not a movie and not everyone gets to have a story book ending.”
The company’s creditors will eventually have all rights to Gigaom’s assets as collateral, but it’s not yet known what the lenders will do next. Gigaom doesn’t currently intend to file for bankruptcy, according to the announcement.