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Last July due to cost cutting SoundCloud lays off most of its staff, reports said that the company is bleeding money and will be bankrupt after a few months. The company denied the issue. And now they just received an emergency funding to continue its operation $170 million from a global merchant bank called The Raine Group and a Singapore-based investment company called Temasek.<br />
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As reported, former Vimeo executives Kerry Trainor and Michael Weissman will be stepping in as the new CEO and COO (respectively), while SoundCloud co-founder Alexander Ljung will step down as CEO and become chairman of the board, and other co-founder Eric Wahlfross will stay on as chief product officer.&nbsp;<br />
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SoundCloud stated that this new investment will &ldquo;ensure a strong, independent future&rdquo; for the company, while also &ldquo;funding deeper development and marketing of its core tools used by millions of audio creators.&rdquo;<br />
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