Music Business

SoundCloud Accuses Financial Times Of Fake News That It’s “Begging For Money” As 2 Top Execs Exit

LIESSoundcloud was playing defense today, after weekend reports that two top SoundCloud executives had exited the company and that it is now "begging for money"; calling much of the account "inaccurate," "disappointing" and not up to the usual journalistic standards.

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SoundCloud's response: 
"The Financial Times relies on one anonymous source to tell an inaccurate story about SoundCloud. SoundCloud is currently fundraising, which is typical of most startups of our size and in our phase of growth. That the Financial Times would compromise its journalistic standards to include an anonymous quote characterizing this normal course of fundraising as “desperation” is disappointing and surprising for a newspaper of record. 
As we communicated clearly to the Financial Times, two executives have left the company after five years to pursue new opportunities.  This is unrelated to our normal course of fundraising efforts, which are being led by our recently appointed Chief Financial Officer, Holly Lim. SoundCloud remains in a position of strength and is confident in its long-term prospects as it continues to be the go-to platform for the creative community".      

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