Friday, June 10, 2016

Gawker Goes Broke

Gawker is broke:
Gawker’s finances were hit hard after a judge awarded Hulk Hogan, whose real name is Terry Bollea, $115 million in punitive damages for having published a sex tape with him and a friend’s wife back in 2012. Another $25 million was also awarded to Hogan a week later, bringing the total to $140 million.

It was revealed that the lawsuit was partly funded by Peter Thiel, the Californian tech billionaire. The co-founder of PayPal declared that crushing Gawker in court was “one of my greater philanthropic things that I’ve done,” as Gawker “ruined lives for no reason.”

A massive drop in web traffic only compounded Gawker’s problems. In April this year, unique user numbers shot down to 44.4 million – its lowest since December 2013 and representing a 41% drop compared to the same month last year.
Watcha gonna do, when Hulk Hogan's lawyers run wild on you?

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