Valleywag
A tipster tells us AOL founder Steve Case's Revolution Health continues to "hemorrhage cash" and that layoffs are coming to the company's D.C.-area workforce this Thursday. About 70 out of 250 employees will be let go, says the source. Apparently, the only revenue generator the company is its CarePages unit, a community website it acquired.
Management is characterizing the layoffs as part of a move from "building a world-class health site to operating and running such a site," but anyone who's been witnessing this Revolution knows better. None of the boldfaced names who signed on as Revolution Health board members or investors — a list that includes Colin Powell, Carly Fiorina, Jim Barksdale, Frank Raines, and Miles Gilburne — signed on Case's latest venture, Revolution Money. Once burned, twice shy. (Photo by mre770)
