Gigaom, the pioneering technology blog launched in 2006 by Indian-American web and technology writer Om Malik, has closed down after running out of money.
A message from the Gigaom management said, "Gigaom recently became unable to pay its creditors in full at this time. As a result, the company is working with its creditors that have rights to all of the company's assets as their collateral. All operations have ceased. We do not know at this time what the lenders intend to do with the assets or if there will be any future operations using those assets. The company does not currently intend to file bankruptcy."
"Gigaom is winding down and its assets are now controlled by the company's lenders. It is not how you want the story of a company you founded to end," Om Malik, who left Gigaom about a year ago, said in a statement. "I might have left Gigaom, the company, over a year ago, but Gigaom, the idea still lives in my heart."
Gigaom was one of the pioneering tech blogs but had recently shifted focus from its core news operations to research business. It had also hired a new management.
"Just walked out of Gigaom for the last time. Thank you everyone. I will miss you all for rest of my life!," Malik tweeted.
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