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๐ A company with a market cap of over 1.5 trillion won was fake?
Haebom
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- Haebom
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IRL, a messaging app, reached a market cap of $1.2 billion in 2021 with a lead investment from SoftBank Vision Fund
IRL advertised that it had 20 million monthly active users (MAU), but there were doubts due to the large discrepancy in various data indicators.
The results of a detailed investigation into this area were shocking.
About 95% of users are generated by automated systems or bots.
This is not something that was suddenly increased, but it was already there when SoftBank Vision Fund invested (...)
Management and practitioners knew this fact but turned a blind eye to it
As the lies were revealed, the board of directors decided that the company could not continue and decided to close the business.
The U.S. Securities and Exchange Commission (SEC) has initiated an investigation and filed charges regarding the matter.
IRL had over 100 employees, but once the investigation began, many employees left the company.
SoftBank Vision Fund will closely review this incident and strengthen internal investment review to prevent similar investments in the future...
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