About three days after it received a lavish new funding round, Meerkat died an ugly and embarrassing death. It is hard to decide whether the Great Meerkat Debacle that has unfolded over the past week is a tragedy or a comedy — probably a bit of both.
The mobile streaming app that had whipped U.S. tech journalists into a frenzy announced $14 million in new funding on Thursday. Money poured in from Jared Leto, Greylock Partners and other illustrious sources. On the same day, Twitter launched its rival streaming app called Periscope. Apparently, investors didn’t stop to ponder why Meerkat people rushed to cash in so aggressively only a month after the app had debuted.
Well, we now know why.
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