“Bitcoin is too dependent on speculative mania to be of practical use as a currency,” opines Adrian Chen because Thomas L. Friedman is off this week. [New York Times]
The NSA reportedly monitored the porn habits of six Muslisms’ as part of a plan to discredit them. [Huffington Post]
Fab.com’s Jason Goldberg has no idea how to run a company. [The Verge]
Betabeat’s official store, Target, is launching a startup accelerator in India to tap into the nation’s growing tech sector. [TechCrunch]
Watch everyone’s flights get cancelled from the comfort of your own laptop with the Misery Map. [BuzzFeed]
November’s supposed to be a happy time for retailers, an opportunity to separate Americans dazed by tryptophan from their hard-earned dollars with a blitz of red-and-green advertising. But we’re guessing the offices of Fab.com are pretty light on holiday spirit these days. According to AllThingsD, the company is planning still more layoffs.
That would be the third round of cuts this year. Hasn’t anyone ever told CEO Jason Goldberg about the old bandaid-ripping trick? Read More
Mr. Shellhammer sang a chipper tune on his way out the door, though. “Founding Fab was something I made in this world. And I am so very proud of that,” he wrote in a valedictory blog post, continuing: Read More
Pivot, pivot, we all fall down. Following up on Monday’s ominous memo, Fab says they’re laying off another 101 people, including 84 people from the New York office. That prunes the company’s total employees to 440 full-timers.
Fab just raised $150 million from investors including Tencent, and supposedly there’s another tranche of the Series D coming. And yet, according to AllThingsD, the company has just laid off more than a hundred of its Berlin-based employees, something like 15 percent of Fab’s total workforce, and an additional 36 are being asked to relocate to New York.
In an interview with AllThingsD, CEO Jason Goldberg spins the layoffs as part of Fab’s flash-sale-free future, swears the company is still committed to Europe and says the new investors knew this was a possibility: Read More
Yesterday, Bloomberg News pulled back the hand-embroidered curtain for a look at the office culture of Fab. It sounded like quite a tense environment, with stringent rules about the quality of paper you’re supposed to use and threats to fire people over minor infractions.
Now, in response, CEO Jason Goldberg has taken to his blog (as is his wont) to refute what he calls “blatant misrepresentations.” The rebuttal doesn’t really make Fab sound any less stressful as a workplace, though. Read More
On a recent visit to Fab’s Manhattan headquarters, we couldn’t help but notice that, with its ultra-bright colors and plentiful candy jars, the office bears a distinct resemblance to a kindergarten.
Pivot-happy ecommerce startup Fab has raised yet another round of cash. CEO Jason Goldberg announced in a blog post that the company has just closed $150 million in new funding. Participants include Tencent, Atomico, Andreessen Horowitz, Itochu Technology Ventures, and existing investors.
What’s more, he adds, it’s “just the first part of a larger Series D round” they expect to complete over the coming weeks.
Fab famously got traction once the cofounders pivoted from gay Yelp to design-focused flash-sales site. But now that flash sales are no longer the darling of the tech industry, Fab is moving on. Hence the company’s announcement at its kindergarten-like West Village HQ last night: ”We’re going to do a little pivot again,” CEO Jason Goldberg announced.
“We’re redesigning Fab as the world’s number-one design store,” he said. “We’re going from flash sales to design store, and we’re going there in a really big way.”
That means a revamped website, products sold exclusively on Fab, brick-and-mortar stores, and the acquisition of a German company offering customizable furniture. Read More