Wall Street Mav on Nostr: From 2013 until 2022 Jeff Bezos invested heavily in the Washington Post. He bought it ...

From 2013 until 2022 Jeff Bezos invested heavily in the Washington Post.

He bought it when it was losing $50 million per year. He gave them a blank check to survive and grow with digital.

The staff got used to having a billionaire fund everything and let them be hard core left “the resistance”.

Finally Jeff Bezos realized it isn’t working because digital number of subscribers peaked at 3 million in Jan 2021 and is now 2.5 million. Print circulation is down 90% from the peak in 1993.

1/3 of the Washington Post staff was fired this time. They are down to 500 employees now. They had 1,200 in 2021.

The remaining employees are demoralized. Nobody else is hiring far left “reporters”. So they can’t leave. They are hanging on by a thread praying to survive the next cut.

99% of them can’t write interesting enough content to do a Substack. They don’t have any options.

Watching this slow motion disaster was entirely predictable.