Digital news site Mic is teetering on closure and has laid off most of its staff.

The publisher of digital news outlet Mic has been abruptly let go along with much of the staff.

The young company, founded in 2012 as an outlet dedicated to news for Millennial readers, is apparently in turmoil. Cory Haik, Mic’s publisher, sent a note to staff saying she resigned, adding, “Journalism is a tough business, and ours, the business of digital journalism, even more difficult.”

Haik went on to note that while Mic and its editorial staff pursued truthful news and praised that pursuit, “what you hear less about the truth is that it is expensive.”

“Our business models are unsettled and the macro forces at play are all going through their own states of unrest,” she wrote. “If anyone tells you they have it figured out, a special plan to save us all or that it’s all due to a singular fault, know that is categorically false.”

Other now former Mic employees took to Twitter on Thursday to say they had been let go, some even willing to say the word that companies work so hard to keep out of any mention of a reorganization: “fired.” A former reporter/producer wrote bluntly, “I was fired. We all were.” Mic’s editorial masthead numbers around 50, and it seems that at least all of its reporters, correspondents and writers have been cut, according to numerous statements on Twitter. With no one to produce content, the site is all but closed. It has become something of a norm for newly jobless staffers and their peers to tweet out contact details in an effort to spur freelance hiring. A Mic spokeswoman declined to comment.

The company’s tailspin is abrupt and comes less than a day after Recode, which was recently consolidated under the umbrella of its parent brand Vox after operating separately, reported that Bustle Digital Group, owned by Bryan Goldberg, is about to acquire it. Mic has raised just shy of $60 million over seven rounds of funding, the most recent being a likely small venture round in June, showing the company never figured out how to actually break even, much less turn a profit.

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