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Mxit: how did Alan Knott-Craig Jr's R500m bet go so badly wrong?
Mxit as we know it is dead. The company announced on Friday that it had shut down its commercial operations and would be transferring its IP to the Reach Trust, its charitable arm...
27 Oct 2015
Image source © Memeburn
The news had an air of inevitability about it - we predicted that this would be the direction Mxit would take back in February - but it's a far cry from the hype that surrounded the company just four years ago when Alan Knott-Craig Jr acquired it from Naspers and founder Herman Heunis in a deal rumoured to be worth around R500-million.
So how did it all go so wrong?
As with any company collapse it's impossible to pin down a single determining factor...
Continue reading the full article here.
