Gigaom, a popular technology portal covering Apple, Cloud, Data, Media related content has announced the closure of its operations.
An official statement appeared on the home page of Gigaom which states the following
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 recently published several research reports. Moreover, the company also does events, which showcased the best among the tech industry. Gigaom also host podcasts which are once considered as a useful resource for the community.
The sudden unexpected development sent shock waves across those who visit the site every day for fresh content on wide range of topic. We inspected the comments posted on the official page and understood that many people consider the site as a ritual. As such, people used to navigate the site every day to find fresh tech content reported by popular journalists across the world. Moreover, Gigaom’s twitter handle has been officially verified by Twitter. This shows how popular the site is.
Learnxpress feels that Gigaom has taken loan from moneylenders and the management is unable to pay back the money. As a result, money lenders have taken possession of the whole Gigaom property.
Gigaom founder, Om Malik has posted the following message on his personal page
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.
There will be time for postmortems, but not today. Today, I want to thank all the people who make (and have helped make) Gigaom. Their role in this journey was what really made it all worth it. They are great people and they will all do great work wherever they go. I want to thank our investors who believed in the business long before it became fashionable. And most importantly, I want to thank you dear readers for coming along on this trip of a lifetime.
We learnt that Om Malik left Gigaom one year back and the site was being managed by another team. It seems that they might have messed up with the finances.
Learnxpress hope Gigaom will be taken over by another company so that contributors will not lose jobs. It will be really difficult for the existing authors and editors to find a new job.
Learnxpress also feels that Gigaom name has been derived from “Om malik” itself. We feel that whatever happens is for good only.