2015 Mar 10 By jayadevanpk 0 comment

I’m not planning to do a lot of news on this site. But this is big and sad at the same time. Gigaom is shutting down. And I’m sure tech bloggers around the world are trying to make sense of this.

Apparently, the company isn’t able to pay its debts anymore. Readers of the tech blog were greeted with the following message this morning

Gigaom recently became unable to pay its creditors in full at this time. As a result, the company is working with its creditors that have rights to all of the company’s assets as their collateral. All operations have ceased. We do not know at this time what the lenders intend to do with the assets or if there will be any future operations using those assets. The company does not currently intend to file bankruptcy. We would like to take a moment and thank our readers and our community for supporting us all along.

Om Malik’s Gigaom was one of the earliest tech blogs in the US and much respected. But it seems there isn’t enough money in the business.

Om Malik, who many call the father of tech blogging Tweeted a few minutes ago that he just walked out of Gigaom for the last time.

Malik’s personal blog has a thank you note for readers but no postmortem reports yet. I’m still wondering if this is an early April fool prank. It’s unbelievable and very sad!

Last year, Om Malik , the founder Gigaom had stepped down and become a partner at True Ventures. At the time, the company founded in 2006 employed 70 people.