You guys remember Foldera, the Web 2.0 company that did a fake IPO? Well they just dumped almost 50% of their workforce in an effort to "substantially reduce costs until the company obtains meaningful revenue". Yahoo finance has the full story. According to Richard Lusk, the CEO, they're also farming much of their development out to India. Richard is also doing the altruistic thing and not taking any more salary.

Well, Dick, I'm sure the 23 people you had originally told were going to be rich beyond their wildest dreams after the Foldera IPO and then just told to hit the bricks really feel for you. I know I would.

In this same statement, it was revealed that Foldera was burning $650,000 per month. That's right. These fucktards were spending $7.8 million per year to make a web app that organizes files and calendars and shit.

And I Would Have Gotten Away With It Too, If It Weren't For You Meddling Kids

Foldera is "publicly traded" on the over-the-counter bulletin board. Because of this, they can't be de-listed from the "exchange" for any reason other than failing to file papers and shit with the SEC. Good fuckin' thing, too, because their share price is really hurting.

Last time I reviewed Foldera, I had a little chart thingy that showed their "stock" price on the over-the-counter bulletin board, and how it was just a big jerkoff. The best part about securities is that you can use them as a quantifiable metric for failure. Check this shit out:

So yeah. In May, Foldera was trading at about 50 cents per share. Yesterday it closed at 11 cents. Yes, they lost almost 80% of their market capitalization since I forcibly raped them with truth. I'm not saying Uncov caused it, but if that was the case, how fuckin' cool would that be? Nah, I am betting that people who trade in penny stocks realized that Foldera's product is...well...useless.

So I guess the end lesson here is that businesses aren't willing to pay for a service where employees can keep confidential files & calendars on someone else's servers, without a sysop that you can wake up at 4AM, and that is accessible from anywhere on the internet. Huh. Go figure.