Napster, the legendary peer-to-peer filesharing site that sparked a music pirating controversy in the early days of the internet before a recent evolution into an AI firm, has announced a stunning revelation to its shareholders. The $3.36 billion investment from a never-identified investor, which had been touted as a done deal in January, is never going to materialize.
Forbes reports that Napster CEO John Acunto informed an estimated 700 out of 1,500 shareholders during an online meeting that the mysterious investor who had supposedly put in $3.36 billion at a $12 billion valuation in January, was not going to come through. This investment…
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