Few companies have generated as much schadenfreude as Fab, the ’emotional commerce’ startup with a penchant for exorbitant funding rounds, threatening staff e-mails and, um, layoffs. Now, Fab will be firing 50 more employees, according to Valleywag, and has also witnessed the departure of co-founder Bradford Shellhammer and COO Beth Ferreira this week. It’s probably as good a time as any to ask: what the f?!k are you doing over there, Jason Goldberg?
Mr. Shellhammer’s quitting of the company is particularly inauspicious, considering he and (Fab CEO) Goldberg first conceived of the Fab concept “in a restaurant in the West Village in the middle of our second bottle of wine.”
The company has raised over $150 million in venture capital this year alone, including major investments from Singapore telecommunications titan SingTel Group. Fab’s personnel problems, which seems to be rooted in Goldberg’s aggressive leadership style, put the company in the unfortunate position of both deep debt and deep mismanagement.
Fab first billed itself as the “definitive resource for gay men,” according to Mashable, with lifestyle-themed daily deals, and Goldberg is an experienced entrepreneur: he sold his first startup, socialmedian, to XING AG in 2008.
Here’s the thing: I don’t like betting against winners, and if nothing else, Goldberg seems like a winner — in the mold of a Steve Jobs, win-at-all-costs asshole. I believe he’ll make it out of this nightmare scenario with his own neck, if not the necks of his co-workers. #harshtruth
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