Privately held Motley Fool, which runs a popular personal online finance site and chatroom, said today it cut 30 per cent of its staff, or 115 employees, in a move to streamline business and focus resources on products and services.
Early last week AOL Time Warner were part of a $30 million funding round for the company that was founded in 1993 by brothers David and Tom Gardner.
Several online media companies have scaled back staff in recent months due to advertising spending declines in a slowing economy. In January, Motley Fool closed its German-language Web site, which had been launched in early 2000.
Reuters