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Revenge is always sweet — and no one dishes it out more cuttingly than the gays. Mark Elderkin, the founder of Gay.com — the queer portal that merged with PlanetOut — was, by all appearances,
abruptly pushed out of his company last year in a so-called reorganization orchestrated by new CEO Karen Magee. Since then, PlanetOut has suffered a financial torture by a thousand cuts, as a host of new gay blogs and dating sites steal its traffic. Last month, Microsoft chairman Bill Gates
gave the company a helping hand with fresh financing. But now, Elderkin has designed a scheme to sharpen the assaults of PlanetOut's rivals — and increase his former company's pain.
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planetout
The world's second-richest man just spent $26.2 million on The Gays. PlanetOut, the struggling owners of Gay.com, got an investment from Cascade Investment LLC.
As Seattlest notes, that firm is owned by Microsoft's Bill Gates. But it's not the first time Bill has been the backer behind PlanetOut.
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Valleywag
death of print
