Business & Government
Inside the Rise and Fall of Clubhouse
More than any other startup, Clubhouse epitomizes the venture-capital-backed euphoria that swept the tech industry since lockdowns shut millions of people inside and pushed them online for connection, entertainment, and information. Marc Andreessen has called the app "the Athenian agora come to life," referring to the hub of democracy in ancient Greece. It has raised more than $100m from his firm and other top VCs, garnering a $4bn valuation. But with vaccinations rising and more people returning to normal life, Clubhouse has been hit particularly hard. Daily downloads of the app have plunged more than 90% since a peak in June, while daily average users are down almost 80% since February.