A social media app, valued at $1.17 billion after Japanese investment giant SoftBank pumped $170 million into it, has shut down after it admitted its claim of a 20 million user base was fake, engadget has reported.
IRL marketed itself as an event-organising alternative to Facebook but has been forced to fold after the admission. Softbank also invested nearly $400m in a robot pizza making company that is closing down, leaving it facing a total potential loss of $500 million in a single week, the report went on.
Read the full story: engadget
- By Sean O’Meara