“You learn the lesson of the thing you did before,” says Ben Smith.
— a sign of weakness. The stock price instantly plunged, and it’s all been downhill ever since. Still, while employees aren’t shocked that their newsroom ultimately was killed, some are surprised that it happened now, since editor-in-chief Karolina Waclawiak had just told the newsroom in March that it was time for a pivot, encouraging staffers to crank out more stories in order to boost traffic as opposed to focusing on longer features.
Now, staffers are in a sort of limbo — their emails and Slack accounts are still functional, and some reporters who’ve got stories in the hopper are wondering if they should go ahead and publish. The Zoom call between the journalists and Peretti this morning “weirdly was not as contentious as some other ones, which was strange, ’cause we all lost our jobs,” says the employee. “He was very contrite.
Is it the end of an era, or just déjà vu? Peretti initially worked out of an apartment in Chinatown, and first lured Smith to start BuzzFeed News over a meeting at Lure Fishbar in Soho. Now, Smith is back in lower Manhattan, running a tiny digital upstart from an inexpensive office space above an Italian restaurant. And he’s still giving his content away for free.
“Obviously, I do think these venture-backed businesses sort of bet on a line that kept going up and to the right,” Smith says. “You learn the lesson of the thing you did before, and I certainly, if you ask my staff, at some point they’ll tell you I’m very focused on building a sustainable business. And on staying small as we do it.”Daily news about the politics, business, and technology shaping our world.
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