I had the opportunity to meet the founders and, coincidentally(?), one of the 13 at a Substack event two months ago. While there doesn’t seem to be too much money yet in pure creator economies (Substack, Patreon) that don’t explicitly involve Big Advertising, it’s sad to see this relatively successful company go this way.
I’ve been one of those in the “group of 13” at past startups, recently hired, then layed off. It sucks, hard. But it’s also a known risk when joining a startup. There are now 77 people with jobs at Substack thankful that their leadership is willing to acknowledge reality and take the bitter pill. Yes, $1b was crazy, but markets adjust and overall this is a healthy sign for the business and eventually the economy. Bubbles burst.
Another site I never would have heard of without Readup. I remember all those startups, Justin. Now I’m hearing Madison Reed advertising on radio. Did you have any stock?