April 2022: Digital freight broker Convoy announced a new round of funding, valuing the start-up at $3.8 billion.
Privileged, white, ex-Amazon exec, Convoy President and Chief Operating Officer Mark Okerstrom bragged, “One of the great things about our model is we’re able to thrive in all areas of all points in the cycle.”
Oct 2023: Okerstrom announces death of company and deflects blame: "the markets crushed us."
During the 13-minute all-company video call, the executives cited declining freight demand and venture capitalists' belt tightening.
So, let me get this straight: Demand for the company's product went down and it was unable to successfully beg for more money.
Seems like the company should have built up an emergency savings account, or moved in with relatives, or cut out those daily Starbucks, or scaled back on that avocado toast, or had more realistic expectations.
But, yeah, the market crushed you.
https://www.geekwire.com/2023/the-markets-crushed-us-in-tearful-farewell-to-employees-convoy-execs-reflect-on-shutdown/
#Business #Convoy #Tech #Startup #Finance
Shannon Skinner (she/her) /
npub18u…093wf
2023-10-22 18:52:50
Author Public Key
npub18udnqdmkuvef4wqkepxx0mkf9uu78h25r0tqxrl4xzdq2hlv98ks6093wfPublished at
2023-10-22 18:52:50Event JSON
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