Ultimately, IRL’s inflated user numbers and flawed concept led to its downfall, forcing the company to shut down. The app will be returning capital to shareholders, but the exact amount of remaining funds is uncertain. Shafi had previously stated that the company had sufficient cash to last until 2024, but given the misinformation surrounding user numbers, this claim is met with skepticism.
SoftBank has had a rough week, with another significant investment, this time in a company manufacturing robot pizza makers, also ending in failure. As a result, the firm faces potential losses totaling $500 million in a single week. Despite these setbacks, SoftBank remains a major player in the technology industry, owning numerous tech companies and recently selling Boston Dynamics for a significant sum. Nevertheless, the recent turn of events is undoubtedly an embarrassing episode for the investment giant.
