App.net is profitable—because it has no employees
This one sounds like something straight out of a Dilbert comic strip. In May, App.net CEO Dalton Caldwell announced that enough people had renewed their membership in the social network for it to be “profitable and self-sustaining on a forward basis.” Good news! Except he had this to say in the very next paragraph:
“The bad news is that the renewal rate was not high enough for us to have sufficient budget for full-time employees”
Oof. Maybe it would’ve been better to just come out and say that your company is in financial trouble.