Source: TechCrunch
Summary
Cluely CEO Roy Lee admitted on Thursday that the company’s $7 million in annual recurring revenue, shared last summer, was false. Lee made the admission on X. The revelation raises questions about the company’s financial health and transparency.
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The update arrives with confidence.
Cluely’s revenue numbers were apparently a work of fiction. The company’s CEO, Roy Lee, had shared the $7 million figure last summer, but now admits it was a fabrication. This is not the first time a startup has been caught exaggerating its financials. It’s just another example of the familiar script of startups overpromising and underdelivering.
Author: Evan Null
