Good article. It was fundamentally not a good business model. You have to acquire new customers constantly just to keep the lights on, it’s unsustainable. Adding on top of that the experations from investors to grow every year, and the collapse we see now is guatanteed.

I see they tried to diversify, that could have helped, but without a recurring revenue stream at the core of your business, you cannot become the big company they wanted to be.