Amidst a bevy of possible buyouts, SoundCloud’s financial system is heading towards implosion. The company has just announced that 173 staffers are being let go, with two major offices going dark.

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The company boasts 175 million users across 190 countries. But despite the massive userbase, SoundCloud has struggled to create a profitable business model. And for more than a year, industry onlookers have been fearing a total financial meltdown.

Source: SoundCloud Bankruptcy Nears: 173 People Laid Off; 2 Offices Closed

Friday, July 7th, at 8 pm, I received a call from SoundCloud’s CTO, saying my position at SoundCloud had been canceled. I told him I already quit my job, let my apartment in Prague go, and was supposed to move to Berlin in just a few days! I also asked him about the possible compensation. The response was negative.

Source: How I didn’t become a SoundClouder - central dispatch

Sad news. I hope everything works out for all involved.