This is an archived page from 2019. Find out more
Was Himilaya CEO Yu Wang untruthful about his company receiving a $100 million investment?
Back in February we reported that Himalaya Media launched a new podcast platform, audio content network, and original production studio. And, the company, according to its own press release raised $100M from General Atlantic, SIG, and Ximalaya FM. In a follow-up interview with PBJ Himalaya CEO Yu Wang confirmed the company had raised $100 million. Turns out that wasn’t exactly true.
Axios did some digging and found out that General Atlantic never invested in Himalaya Media. A spoksesman told Axios GA had previously invested an undisclosed amount in Ximalaya FM, the podcasting platform Himalaya also lists as an investor.
Wang then acknowledged to Axios that General Atlantic didn’t invest directly in his company. The original press release was removed from the company website because some of the language was confusing. What Wang told us on March 11 wasn’t confusing at all:
PBJ: And you raised 100 million dollars?
[caption id=“attachment_1752” align=“alignright” width=“225”]
Himalay CEO Yu Wang on stage at Podfest 2019 where the company made a huge splash[/caption]
Yu: Yes
Wang now tells Axios that the $100 million is a three-year commitment mostly from Ximalaya FM, of which Himalaya so far has received only around $10 million.
Wang said there are no financial or timing milestones that Himalaya must hit to receive the remaining money, but wasn’t forthcoming when asked what how disbursements would be determined.
Wang then said he would show Axios the equity commitment letter if they didn’t publish it. Axios agreed. The letter was never sent.