BREAKING NEWS: Ozy Media Shuts Down, Leaving Investors $70 Million After Reveals About Company’s Deceptive Practices
Ozy Media, the controversial digital news site, has announced its closure after a series of damaging allegations of using smoke-and-mirror tactics to mislead investors and partners.
“At Ozy, we are blessed with a remarkable team of dedicated employees,” the company’s board of directors said in a statement. New York Times late on Friday afternoon.
“Many of them are world-class journalists and experienced professionals to whom we are immensely indebted and who are wonderful colleagues. It is therefore with a heavy heart that we must announce today that we are closing the doors of Ozy,” the company added.
Ozy had raised a total of $70.3 million in venture capital funding since its inception in 2013, and the closing means those investors will likely see their hopes of a return evaporate.
The firm’s affluent investors include Berlin-based media powerhouse Axel Springer and Laurene Powell Jobs’ Emerson Collective.
Ozy founder Carlos Watson speaks onstage during Ozy Fest 2018 at Rumsey Playfield in Central Park on July 21, 2018. The company is now closing
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