HeadSpin to return ~$95M to investors and has replaced its CEO after an internal review of financial irregularities; its valuation now down from $1.16B to $250M
HeadSpin, a mobile app testing company recently valued at $1.16 billion, plans to return up to $95 million in funding to investors … Tweets: @om , @yongfook , @fansince09 , @edbott , @mrinaldesai , @readdanwrite , @amir , and @om Tweets: @om : Headspin got caught cooking the books. It is not just about them, but about broader Silicon Valley culture. My thoughts in this new blog post. https://om.co/... Jon Yongfook / @yongfook : When a startup's homepage is just a bunch of enterprise-sounding buzzwords with no clear explanation on *what they actually do* I'm never surprised when stuff like this happens... https://www.theinformation.com/ ... JJ Antifa-Whiteside / @fansince09 : It's called Headspin bc when investors see the financials they'll spin 180 degrees and walk away https://twitter.com/... Ed Bott / @edbott : Best. Company name. Ever. https://twitter.com/... Mrinal Desai / @mrinaldesai : head spinning yet? https://twitter.com/... Daniel Roberts / @readdanwrite : Are people shocked by news like this? how many other overvalued startups do you think have wildly inflated or misrepresented their metrics? Not zero. https://twitter.com/... Amir Efrati / @amir : 👀👀 @nikesharora has a big day job but recently he's been fixing this mess— “The accounting probe & recapitalization is a dramatic reversal for [ @headspin_io ] which recently touted big-name customers including TikTok & Walmart.” https://thein.fo/... by @KateClarkTweets @om : This is one scary story. I wonder how many more such instances are out there. The whole race to unicorn is perverted the system to such an extent that we are seeing some Enron style skullduggery in these parts! Well done @KateClarkTweets A+ reporting https://www.theinformation.com/ ...