“Pear laid off around 170 employees and plans to maintain a “transition team” of around 15 employees, according to the filing.” But don’t worry CEO is very sorry, wants everyone to know it’s not his fault his company was losing $$ with no pathway to profitability rather it’s because of those greedy insurers. He will step down immediately but he work as consultant to the company at poor rate of 255$ hr. The company at one point was worth close to 2 bill $, as I said a week ago startups that are struggling to make $$ will slowly start going bankrupt this year. https://www.forbes.com/sites/katiejennings/2023/04/07/pear-therapeutics-files-for-bankruptcy-as-ceo-blames-shortfalls-on-insurers/?sh=59f5626d2bd6
Pear != Apple
The CEO is really sorry bro 🤡
Sympathy for the ceo such a nice guy
No sympathy for him. I worked there and dude couldn’t care less about the company. Just a face. Spend most of his time at his beach house and fishing
“Pear’s apps, which guide users through behavioral therapy, are meant to be used in conjunction with ongoing treatment by a doctor. The average selling price was $1,195, according to the company’s annual report.” So let me get this straight, they built a slightly more involved version of Calm and then tried to bill insurers 1.2k per person to use it? 🤡
Sadly a lot of health startups fall under this category of our strategy is milking insurers for money for something that is already free and even when they manage to do that they still can’t make any $$
Frothy market has been lifting up sub-par ideas like Pear. During a recessionary time such companies who were awash with free money will see that dry up. No profits or real path to profits = game over.
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How can my idiot brother who does real estate afford this
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Half of Google employees and prolly also Apple Amazon Meta don’t do any work…
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Are tech workers as rich as they think we are?
As always, zero CEO accountability or financial consequences. Pear failed to give compelling evidence to Medicare and other insurers of its product's therapeutic benefit. Once Medicare adds a product to its formulary other insurers often follow.
What kind of accountability or financial consequences are you looking for? CEO guy lost his job, probably incentive stock options that are not worth noting. Start ups are risky. Shutting down is a common outcome.