The social messaging app that has been around since 2009, Kik is shutting down after a decade of being in the business. Kik CEO Ted Livingston has decided to quit the social media startup. Under the influence of alcohol, he sent a message saying how he is planning to leave the project because of the ongoing battle with the U.S. regulators.
The text was supposed to be sent to the Kik board member, Willian Mougayar but unfortunately, it ended up with a reporter who is also named Will. In the text, Ted wrote that he is fed up of the things that are happening, and he is ready to quit from his position. He further added that they’d discuss the replacement in the morning, but he is ready to quit.
Livington decided to delete the message, but it was too late as the reporter had seen the messages and when any questions were asked to Ted and William, both of them decided to give no comments.
The company has been in a legal battle with the U.S. Securities and Exchange Commission(SEC) because of the companies $100 million ICO in 2017. The dealing with the SEC had cost the company $5 million, and Kik started another ICO-‘Defend Crypto’ that gathered support from a handful of people.
Earlier on Monday, Kik announced that the court battle and the regulatory proceedings had taken their toll on the company the messaging service will be shut down. Kik has decided to downsize to 19 core developers who would continue to develop the Kik’s native token, KIN.