Medium lays off 50 employees, shuts down New York and D.C. offices

discussions on official announcement: https://news.ycombinator.com/item?id=13321322

Yeah, this was just discussed yesterday and that thread is still open...

Any ideas what they needed $132 million in funding for? Seems like a ton of money for what they do.

I wouldn't shrug off Medium's need for capital; employing 50 people for years that you suddenly realize you didn't really need isn't cheap!

Geez $132 million...Wasn't it supposed to be a "medium" company?

Edit: Not sure why I am being downvoted, this is not even a play on words. I'm pretty sure their "inception" blogpost actually stated that they would remain a medium company etc...

Successful people manage many other people, and successful CEOs have many successful people under them. Successful companies also spend large amounts of money on lavish office space, employee morale boosting functions, and other perks.

So the more money you can spend, the more successful your company must be.

Cargo cult?

No. They refocus.