SoundCloud saved by emergency funding as CEO steps aside
Original story at TechCrunch• 3 mentions • 1 week ago
TechCrunch 1 week ago
SoundCloud has just closed the necessary funding round to keep the struggling music service afloat. CEO Alex Ljung will step aside though remain chairman as former Vimeo CEO Kerry Trainor replaces him. Mike Weissman will become COO as co-founder and CTO Eric Wahlforss becomes chief product officer. Raine Group and Temasek have stepped in to lead the new funding round. SoundCloud laid off 40% of its stock last month, with 173 employees departing in an effort to cut costs. The company only had enough runway left to last into Q4, and today’s investor decision was viewed as a do-or-die moment ...