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The co-founders of the social media app IRL have filed a lawsuit against SoftBank and two venture capitalists, accusing them of deliberately 'destroying' the Gen Z app and creating an 'outrageous lie' over inflated user counts. The lawsuit contends that the directors wrongfully rushed to close the business to protect their reputations in the venture capital community. The founders allege that their investors made up the 95% figure of fake users as an excuse to shut down the company and return capital to shareholders.
In June, IRL’s board discovered in their investigation that 95% of the company’s 20M users were fake. Now, the founders are alleging that their investors made up the 95% figure “as an excuse to shut down the company and return capital to shareholders.” https://t.co/f7UDnIGXC1
IRL founders allege investors sabotaged company with fake users claims: https://t.co/SCX6U4PeRM by TechCrunch #infosec #cybersecurity #technology #news
IRL founders allege investors sabotaged company with fake users claims https://t.co/Bk9dLCfYCN by @asilbwrites
Directors of the shuttered social-media startup IRL wrongfully rushed to close the business to protect their reputations in the venture capital community, the site’s co-founder contends in a lawsuit https://t.co/HzTpzNzVk7
Directors of the shuttered social-media startup IRL wrongfully rushed to close the business to protect their reputations in the venture capital community, the site’s co-founder contends in a lawsuit https://t.co/O73UsSJn3P
IRL's co-founders sue SoftBank and two VCs, accusing them of deliberately "destroying" the Gen Z app and creating an "outrageous lie" over inflated user counts (@joemillerjr / Financial Times) https://t.co/8ZCq4Wxu3s 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/9QiSaCFQSx
SoftBank accused of ‘destroying’ social media app to protect reputation https://t.co/1QHWNXr252
SoftBank accused of ‘destroying’ social media app to protect reputation https://t.co/xA98RkRHA1