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SoftBank is suing portfolio company IRL after it admitted 95% of its users were fake. VCs are stressing the need for ‘uncomfortable’ due diligence (archive.ph)

submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world

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SoftBank is suing portfolio company IRL after it admitted 95% of its users were fake. VCs are stressing the need for ‘uncomfortable’ due diligence::undefined

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[–] jet@hackertalks.com 41 points 1 year ago

https://www.forbes.com/sites/abrambrown/2021/06/15/social-messaging-app-irl-gets-11-billion-valuation-from-softbank-plots-monetization/

"If you’re a teen in America, then you probably are familiar with a messaging app called IRL. The rest of you likely are not—aside from some big name tech investors keen to shower the startup with a large new funding round."

Even the journalist believed the lie. Nobody checked with the teens!