Martin Green
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mnemotic.bsky.social
Martin Green
@mnemotic.bsky.social
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July 11, 2025 at 9:49 PM
Reposted by Martin Green
edzitron.com
Any time you see a @bondhack.ft.com byline you just KNOW there's going to be some insane accounting. Builder basically made up 3/4 of its revenue. This was a Microsoft backed company! lol
Microsoft-backed Builder.ai collapsed after an internal investigation found evidence of potentially bogus sales and the company revised down revenues to just a quarter of prior estimates. Builder.ai, one of the UK’s best-funded technology start-ups that raised more than $500mn from prominent backers such as Qatar’s sovereign-wealth fund, informed employees earlier this week that it would commence insolvency proceedings after its lenders called a default. Lenders stepped in after Builder.ai submitted provisional accounts to its auditor showing large reductions to prior revenue estimates, according to people familiar with the matter. These figures showed that a prior $220mn estimate for 2024 revenues had been revised to around $55mn, while a previously reported 2023 total sales figure of $180mn would be restated to roughly $45mn, the people added. These prior revenue figures were previously submitted to the board under the leadership of Sachin Dev Duggal, the technology start-up’s founder. He stepped down as chief executive earlier this year along with the company’s chief revenue officer, Varghese Cherian. However, Duggal retained a board seat and the honorific title of “chief wizard”.
May 24, 2025 at 5:05 AM
mnemotic.bsky.social
Roko’s Basilisk really is Pascal's wager for techbro dipshits who didn't take any humanities courses in their electives and are now rediscovering modern philosophy from first principles.
March 24, 2025 at 5:11 AM