Economy

SoundCloud appoints new CEO, gets $170 million in emergency cash

SoundCloud appoints new CEO, gets $170 million in emergency cash

Just yesterday we spoke about how SoundCloud's shareholders were set to vote on an investment proposition from Raine Group and Temasek to the tune of $169.5 million, now it has been reported that the proposal has been accepted, effectively saving the company from financial ruin.

This tight connection with the artist community, together with SoundCloud's collection of original recordings and evolving works, attracted Raine's investment, despite the recent layoff of 40 percent of its workforce and speculation that it would run out of money by the end of the year.

"The investment will ensure a strong, independent future for SoundCloud, funding deeper development and marketing of its core tools used by millions of audio creators", said a representative for SoundCloud. Current CEO and SoundCloud cofounder Alex Ljung will be replaced by former Vimeo chief executive Kerry Trainor, while another ex-Vimeo employee, Michael Weissman, was appointed the COO of SoundCloud.

At least 30 killed in floods and landslides in Nepal
Landslides and flooding are common in the Himalayan region during the monsoon season, which runs from June through September. The water level in various rivers increasing and some are flowing above the danger mark.

Ljung wrote in a blog post, "You've told me how, without SoundCloud, there would be a giant gaping void in today's world of music".

"If I could show to you the number of people who have been calling us, expressing fear about it going away, you would be shocked", said Fred Davis of the Raine Group.

"Am I leaving?" he wrote.

Drama At The Emirates As Arsenal Beat Leicester In Seven-Goal Thriller
Arsene Wenger raised eyebrows last week when he said it was an "ideal situation" having players in their final year at the club. Neville said on Sky Sports . "We kept the faith and kept believing in our game to push hard".

After a decade of balancing the roles of Founder, CEO and Chairman I'm excited to hand the CEO reins over to Kerry to allow me to fully focus on the role of the Chairman and the long-term. I can't fathom how we've been so lucky as to create that. The first 10 years are done, and now we're onto decade II.

"There is only one SoundCloud and its importance to creators and music culture is undeniable".

US Navy challenges China's claims in disputed territory
The Chinese frigate "called and said 'Please turn around, you are in our waters, '" a USA defense official told the Guardian . The expert also shared his thought on the possibility of an open military confrontation in the South China Sea.


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