Tuesday, December 27, 2005

Chinese Blog Bubble Popped Before It Began?: "Over the summer we wrote about a bizarre story about a Chinese blogging firm that was getting attention for claiming that it was going to go public with a $1 billion valuation. There was no reality to back up the claim—just a CEO saying it would be so. There were a lot of other problems with the article, as well (including misleading statements about how much money the company had raised and how much revenue it was making), but it should come as no surprise to find out that the company (which did, indeed, raise the $10 million it was looking for just a few months ago) is now laying off one-quarter of its staff." —Techdirt