Fab's CEO Refutes 'Hateful Rumors' That His Company Is Shutting Down After a report surfaced that the struggling ecommerce site is starting to close down, CEO and co-founder Jason Goldberg took to Twitter to deny the claims.

By Laura Entis

Opinions expressed by Entrepreneur contributors are their own.

"B*llshit hateful rumors of @fab shutting down are just that. B*llshit hate," Jason Goldberg, Fab's CEO, tweeted this afternoon in response to a report published by Valleywag pronouncing his ecommerce site as good as dead. "We've got years of money & a sound plan. Proof in time."

It's been rough going for the once white-hot startup. Since being valued at $1 billion last year, Fab has gone through multiple rounds of layoffs culminating two weeks ago when the company slashed a third of its remaining staff. "Realigning our team is part of a broader business plan, which we began implementing last fall and which will continue to unfold in weeks ahead," Fab said in a statement at the time.

Related: This Could Be Fab's Last Breath

Not so, according to Valleywag's Sam Biddle. "Sources say the team that's staying on through the end of the year is purely transitional—that is, to oversee the transition from existence to nonexistence, managing the e-commerce operation while it sells the remainder of its inventory," he wrote, to which Goldberg responded with the aforementioned tweet (along with two others directed at Biddle and Business Insider, who picked up the report).

This isn't the first time Goldberg has gone on the profanity ridden defense. This April, he published a blog post titled "It's a f-cking startup. Why are you here?," which acknowledged the company's precarious situation. "Are we out of the woods yet? No," he wrote. "Do we know how to get there? Sorta. We're still figuring it out," adding "we're fighting for our lives."

Goldberg's blog entire blog has since been deactivated. Is his Twitter next? And the real question…what about Fab itself?

Related: Zynga Layoffs: What Happens When Startups Grow Too Fast

Wavy Line
Laura Entis is a reporter for Fortune.com's Venture section.

Editor's Pick

She's Been Coding Since Age 7 and Presented Her Life-Saving App to Tim Cook Last Year. Now 17, She's on Track to Solve Even Bigger Problems.
Lock
I Helped Grow 4 Unicorns Over 10 Years That Generated $18 Billion in Online Revenues. Here's What I've Learned.
Lock
Want to Break Bad Habits and Supercharge Your Business? Use This Technique.
Lock
Don't Have Any Clients But Need Customer Testimonials? Follow These 3 Tricks To Boost Your Rep.
Why Are Some Wines More Expensive Than Others? A Top Winemaker Gives a Full-Bodied Explanation.

Related Topics

Business News

'All Hell Is Going to Break Loose': Barbara Corcoran Issues Warning About Real Estate Market, Interest Rates

The "Shark Tank" star appeared on FOX Business' "The Claman Countdown" this week.

Leadership

Why Customer Service Is Your Get Out Of Jail Free Card For Business Success

These are the secrets of using customer service as a powerful business advantage, with exceptional results and almost zero risk of it being knocked off.

Growing a Business

Entrepreneur+ Subscribers-Only Call | June 8: Discover How These 2 Founders Turned Their Side Hustle into a Million-Dollar Lifestyle Brand

Learn how you can transform your personal brand into a thriving business empire with co-founders of The Skinny Confidential

Branding

How I Made Money From My Book Without Selling a Single Copy

Did you know you can make money with a book without selling copies? Here's exactly how I did it.

Business Plans

How to Change Careers: A Step-by-Step Guide

Want to make a career change without compromising your finances or future? Check out this step-by-step guide on how to change careers to learn more.