Secret Shutting Down

Brendan Klinkenberg, reporting for BuzzFeed:

In a post on Medium, founder David Byttow addressed and expanded upon the decision to shut down Secret. “Unfortunately, Secret does not represent the vision I had when starting the company,” Byttow writes, “so I believe it’s the right decision for myself, our investors and our team.”

In the post, Byttow announced that Secret will be returning the “significant” amount of invested capital still in the company’s possession to its investors. Secret had reportedly raised more than $37 million, at a valuation of over $100 million.

$100 million valuation. Here’s a secret for you: anyone who invested in Secret is a dope.

Best line in this whole saga is the closing sentence of Mike Isaac’s report for the NYT:

Mr. Byttow’s once-prized red Ferrari is also gone, a person with knowledge of the matter said.

★ Wednesday, 29 April 2015