An earlier announcement that SoundCloud laid off 40% of its staff and was projected to only stay afloat for the next couple of months sent many of its users into a frenzy — especially those who use the streaming service to promote their musical talents.
SoundCloud said stop the press because that tea is spiked! The initial story was that SoundCloud only had enough money to operate through the start of next quarter however SoundCloud claims that is untrue.
They say they are “fully funded through Q4″ and their financial rumors are nothing more than misinterpreted information one or two of its laid-off employees received during a recent meeting.
The company further claims that their layoffs are part of a plan to ensure their “long-term viability,” and they are doing their part in assisting their laid-off employees’ post-company survival.
We wish the company and its laid-off employees the best of luck!
Source: AVClub, http://www.avclub.com/article/soundcloud-denies-claims-its-almost-out-cash-258069
TSR STAFF: Chantel P.! @_popchanny on IG!