Think for a moment how far $260 million gets you when you have 1500 tech employee salaries in Seattle to pay. Plus operating expenses. Don't forget to add 15.3% for payroll tax. Median software engineer compensation in Seattle is 219k. Infrastructure and office space isn't free either. Seattle office space averages $43/sqft and the average employee space is 150-175 sqft.

That. Money. Is. Long. Gone. It's not a bad take, you just won't do basic math.

Raising $260M doesn't mean you're rich. The investors expect you to spend that money and otherwise why are you raising that much?

They spent 4 months looking for a buyer and had already shed 1000 employees before shutting down operations. It's not like current employees were clueless about what was going on.

Functionally there's little difference between operating up until now or giving 500 "chosen, lucky" people severance 3 months ago.