How quickly a unicorn can fall.
Two years ago, the Gen Z-messaging app IRL was flying high with a $1.2 billion valuation and a fresh $150 million from SoftBank and $20 million from other investors. Not long after, the company spiraled into a web of investigations, lawsuits, and ousted management. In June, IRL shut down—announcing that nearly all of its user base had been comprised of bots.
