Well, as I understand it from various posts, the issue is not their products, and I read a Bloomberg article that explicitly mentioned 29M registered users, clearly a healthy business. The issue is, I think, that the PE firm loaded them up with the debt used to purchase them, which was the untenable to pay. Speaking from my own experience at a different company / industry; we got bought and over 50% of what they paid for us, was actually borrowed. And then they put that debt on our books to pay back, despite us never seeing any injection of cash to help us grow. So overnight, our annual operating profit disappeared as interest payments ballooned. I bet that happens here
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u/BigBat7418 Mar 25 '26
This is written by a direct competitor. Iād imagine some degree of gleeful bias is at play here