Gigaom, one of the top tech blogs and the oldest has gone broke. They announced that they could no longer pay their staff and their creditors. Sources say that they management of the tech blog took the decision when they found out that they were no longer making money out of the venture.
Top tech blog Gigaom shuts down due to debt
Most of the senior staff were reportedly in shock as the founder bade good bye and thanked everyone.
BBC tech blog reports that Mr Malik wrote on his website; "It is not how you want the story of a company you founded to end."
Sources close to Gigaom say that they do not intend to file for bankruptcy, though all operations have ceased. Mr Malik says Gigaom might bounce back again, depending on the decision of its creditors.
A source said it is surprising how Gigaom, a leading tech blog with over 6.5million readers could shut down just like that.
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Gigaom was launched by Mr Malik in 2006. Gigaom grew so big, that they acquired a rival website, paidContent from Guardian Media Group in 2012.
It is indeed a dark day for the staff and management of Gigaom.
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