It’s Better Not to Save on Targetologists. The E-Scooter Startup Put All Its Money into Facebook Ads and Went Bankrupt

An American startup company called Unicorn run into debt because of its overconfidence and is now begging its gullible customers for forgiveness.

Unicorn wanted to manufacture and sell e-scooters for $699. The startup had 350 pre-orders, but instead of starting actually to manufacture them, the company put all its money into advertising. Advertising on large platforms such as Google and Facebook doesn’t come cheap, and if an amateur is trying to deal with it, then the whole thing will just fall apart. As a result, the startup blew all the money on advertising and now has to send apology letters to their customers, promising to refund everything.

Founder and CEO of the Unicorn startup Nick Evans says that the company completely failed as a business and apologies. Evans adds that the startup is trying to sell off the rest of its assets to at least somehow compensate for the losses. He doubts, though, that it will bring any good results.

It’s a quite dubious remorse that is unlikely to touch gullible depositors. It is because of Unicorn’s bankruptcy that their children will be left without Christmas presents. Apparently, Santa thinks that families who ordered the e-scooters misbehaved this year.