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Getty Images files for bankruptcy amid mounting debt and AI competition (nypost.com)
submitted 2 weeks ago by to c/technology@lemmy.world
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[–] 75 points 2 weeks ago (4 children)

How is it possible to lose money when your whole business model is based on theft?

Literally, what are their expenses?

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  • [–] 19 points 2 weeks ago

    They had to pay out over $100 million to some hedge fund/VC groups after losing a lawsuit about denying their use of stock warrants. This had been ongoing since 2022 but the final ruling was last quarter.

    Also they took on another $100 million or so of debt in anticipation of the Shutterstock merger which fell through.

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