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SEC Nails Shafi for $170M Unicorn Fraud
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Subscribe07 AUG 2024 / ACCOUNTING & TAXES
Abraham Shafi, founder of social media platform IRL, has been charged by the SEC with a $170 million fraud. Shafi, who allegedly inflated user counts and concealed advertising spend, saw IRL undergo a drastic downfall, leading to its shut down on June 27, 2023, heartening discussions on transparency and ethical management in tech investments.
Did you hear about the social media platform that almost had more bots than Silicon Valley has Teslas? No, it’s not the setup for a late-night punchline—this story unfolds around Abraham Shafi, the founder of IRL (In Real Life), a once-celebrated pandemic...
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