Yik Yak fires 30 of 50 employees, still has no business model

In a move that seemed all-too predictable, Yik Yak has fired more than half of its staff. According to the Atlanta Journal-Constitution, the local startup laid off 30 of its 50 employees on Thursday. Since it began in 2013, the company behind the purportedly anonymous messaging app has never had, and still doesn’t have, any obvious source of meaningful revenue. Yet somehow, Yik Yak was valued by venture capitalists at $400 million in December 2014 after Sequoia Capital invested $62 million.

http://arstechnica.com