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Teardown

  • Substack took four months to tell anyone

    On February 6, 2026, Substack disclosed a data breach affecting roughly 697,313 user records. The breach itself happened the previous October. Substack sat on the disclosure for four months, while writers were leaving over the 10% fee anyway.

    · 1 min read
  • StreamElements raised $111M

    StreamElements lost 64% of its staff between October 2025 and May 2026. The math behind a $100M SoftBank round assumed continued growth of live streaming on Twitch. The market refused, and the creators who built their setups on top are now migrating their entire operational stack.

    · 2 min read
  • $219 a month, $86 in your head

    The average American household pays $219 a month for subscriptions and estimates they pay $86. The gap between those two numbers is the entire subscription economy.

    · 1 min read
  • Tap Bio is closing. You can't take your page with you.

    Tap Bio is shutting down on October 31. There is no export tool. This is what "platform tenant" actually means in practice.

    · 1 min read