Twitter shutting down Vine, lays off 300 employees
The home of the looping six-second video is about to be demolished. Twitter-owned social network Vine has announced that it will be shutting down its app sometime down the road, only giving us an indication of “months.”
Users will be able to download their videos at some point and the website, with its existing content, will be kept alive for the time being. More details on the de-escalation process will be disclosed along the way.
The four-year-old venture was co-started by Rus Yusupov and acquired by Twitter before it launched in 2013. He was laid off by Twitter in 2015.
In a tweet this afternoon, @rus simply said “Don’t sell your company!”
The company also announced today that it was laying off 300 employees or 8 percent of its workforce. It is not clear how many of them are associated with this shutdown, if any are at all.
The overall profitability of Twitter and its umbrella of ventures has not yet been proven. After a decade of existence and an IPO in 2013, it has faced immense pressure to report in black ink.
Twitter CEO Jack Dorsey recently attempted to sell the company to an initially interested marketplace, but one by one, bidders such as Google, Disney and Salesforce fell away from the table, leaving the executive to head the company as an independent entity in the meantime.