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Why The ‘Anti-Woke’ Bank Co-Founded By Candace Owens Closing Down After Only Three Months

Candace Owens speaks at the Conservative Political Action Conference (CPAC) at National Harbor in Oxon Hill, Maryland, U.S., March 1, 2019.

 

According to the Wall Street Journal, the “anti-woke” bank GloriFi, which was co-founded by black right-wing influencer Candace Owens, is closing down after failing to secure funding from investors (WSJ). The Texas-based startup bills itself as a conservative financial services alternative.

Before the bank’s launch, Owens, who has over 3 million Twitter followers, predicted that GloriFi would overtake banks such as Bank of America, Wells Fargo, and Chase, among others, to become America’s most preferred bank.

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“We are at the beginning of the conservative economy. You guys will all be hearing about GLORIFI soon. It will overtake Bank of America, Wells Fargo, Chase & #Paypal very quickly,” Owens tweeted on October 8.

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She followed her tweet with a video message on her Instagram page urging people to ditch their PayPal accounts and move their money to GloriFi. “I’m 1000 percent in. I moved my money, I made sure it worked, I’m using the card,” Owens said to her 4.5 million followers.

However, the Wall Street Journal reports that in less than three months since the bank’s launch, the company has laid off employees and informed them that the end is near.

In an email to employees, Chief Marketing Officer Cathy Landtrop cited “financial challenges related to startup mistakes, the failing economy, reputational attacks, and multiple negative stories” as reasons for the company’s demise.

According to the WSJ, GloriFi’s problems began almost immediately after the app’s launch in September, and the bank nearly went bankrupt despite having deep-pocketed investors such as hedge fund billionaire Ken Griffin and PayPal co-founder Peter Thiel.

The bank’s problems became clearer when employees told the WSJ that the company’s chief executive, Toby Neugebauer, drank on the job and had an explosive temper. Following the publication of the report in October, Neugebauer resigned as CEO to become the company’s executive chairman.

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Written by How Africa News

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