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Pioneering tech blog Gigaom shuts down after running out of money

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Gigaom, the influential technology website founded by Om Malik nearly a decade ago, is no more. Although Monday saw a lot of new content on the site, including a flood of news and analysis from Apple's event, the site's management ended the day at 5.57PM PT by posting a message notifying readers that "all operations have ceased" as a result of the company becoming unable to pay its creditors.

"Gigaom is winding down and its assets are now controlled by the company's lenders," said Malik in a statement. "It is not how you want the story of a company you founded to end." Malik left Gigaom just over a year ago to become a partner at True Ventures, a venture capital firm; at that time, he noted that the site had raised more than $8 million in new funding.

Several Gigaom employees have reacted to the news on Twitter.

"We do not know at this time what the lenders intend to do with the assets or if there will be any future operations using those assets," says Gigaom's management. "The company does not currently intend to file bankruptcy." But however the site eventually winds down its operations, it's a sad day for the technology media industry.