[BusinessTeam] Motley Fool Lays Off 115, Shuts Down Soapbox.com

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Message-ID: <6B75EF096AE0BE428B8CEDEA89C5F63278234B@exchange01.lab49.com> · Mon Feb 12 14:54:58 2001 UTC

Motley Fool Lays off 115, Shuts Down Soapbox.com 
ALEXANDRIA, Va. (VENTUREWIRE) -- The Motely Fool, a multimedia personal 
finance company, said it laid off 115 employees, approximately one-third
of 
its staff, and shut down Soapbox.com, its online exchange that allowed
users 
to post and sell reports. The company closed a $30 million second round of

funding just two weeks ago. A company spokesperson said the layoffs were
"a 
coincidence" and not a condition of the round. The spokesperson said 10 of

the laid-off employees were in the Soapbox group while the other 105 were 
cut from departments that "were not making as much money," but no 
departments besides Soapbox would be closed. Motley Fool's management team

had no comment. On Friday, the company's site, Fool.com, ran a staff 
writer's commentary about widespread layoffs entitled "On Cost Cutting." 
Motley Fool has developed syndicated U.S. radio programs, a newspaper 
column, online financial education products and services, and personal 
finance books. 240 employees remain with the company. Motley Fool recently

said it is in the final stages of negotiation with Softbank regarding a 
venture in Japan. AOL Time Warner Ventures, Maveron, Mayfield, and
Softbank 
Finance Group funded the company's most recent round. 
http://www.fool.com 

Ashley Ching 
nano 
212.430.3722 
ashley@nano.com 
www.nano.com 

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