Twitter have officially written off their 2016 SoundCloud investment of $66,400,000 in the music streaming companies’ Series E fund. CEO Jack Dorsey said the investment is ‘not expected to be recoverable within a reasonable period of time.’
Twitter, who’s revenue came in around $2.4B in 2017, made the investment via their Twitter Ventures fund, which valued SoundCloud at over $700M.
Since then the Berlin based company have made a high number of layoffs and seen a drop in user engagement, proving the streaming wars are not so friendly after all.
Twitter Ventures have also made investments in VenueNext, Swirl Networks and CYNGN.