A few months ago, Ashley Madison was the most anticipated upcoming adultery social network IPO. Then it was hacked, and all 34 million member accounts were exposed (with some amusing results [2]and even more amusing explanations [3]), leading to questions how long can the company exist in its current iteration, if at all.
Moments ago we got the first answer, when the Daily Beast first reported [4]that Avid Life Media, Noel Biderman, is stepping down.
[5]
From the Beast:
Noel Biderman stepped down as chief executive officer of Ashley Madison's parent company on Friday, they mutually announced. "This change is in the best interest of the company.... We are actively adjusting to the attack on our business and members' privacy by criminals," Avid Life Media said in a statement. The hack exposed 34 million accounts and emails from Biderman showing he had extramartial affairs despite the self-proclaimed "King of infidelity" publicly saying he never cheated on his wife.
And just like that Ashley Madison got adultfriendfindered, even before it went public. The biggest losers: the underwriters, who would have collected a few million on what is now a dead and buried $200MM IPO [6].
