Jawbone is shuttering.
The consumer electronics company, once valued as high as $3 billion, has already begun liquidation proceedings, according to sources cited in The Information.
Chief executive officer Hosain Rahman has no time for mourning, however; the Jawbone cofounder has moved on to a new company, Jawbone Health Hub. This fresh startup sheds old investors but is otherwise is strikingly similar—indeed, it will even sell original Jawbone products once the original company dissipates into dust and debris.
Jawbone, founded in 1999, made Bluetooth speakers and wearable fitness trackers, but faced increasing financial pressure in a competitive marketplace.
Even those considered successful by industry standards, such as Fitbit, have faced recent struggles.