Changes to the Foursquare board result in lower company value.

Foursquare CEO Dennis Crowley, who is also a co-founder, is leaving his post. Now he will become chairman of the board of directors of the company. The CEO of Foursquare will now be taken by Jeff Glueck, who served as the company's executive director. Dennis himself argues that it is very important that Foursquare be led by people who have previously had experience with scaling companies.

Foursquare is currently looking for new ways to make a profit. The latest round of financing brought the company $ 45 million, the investor was the venture fund Union Square Ventures, which had previously supported Foursquare. However, according to The New York Times, the company is now estimated at $ 650 million, which is almost two times less than in 2013.

Crowley himself in this situation suggests that the idea of ​​turning Foursquare into another social network, which would have been valued at billions of dollars, was simply unattainable. Dennis Crowley shared the following comment: “Everyone believed that we would become a company that surpasses Facebook, but this is just crazy.”
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Nevertheless, he does not lose hope, saying that "we are creating a stunning and very scalable business around the many successful products we have developed that people like very much." According to the latest statistics, the Foursquare social network has 50 million monthly active subscribers, and more than 100,000 third-party developers pay for access to data that Foursquare has.