In response to online rumors of its supposed impending bankruptcy, online education platform VIPKid has offered a 100,000 yuan ($14,200) bounty for information about the identity of the internet user responsible for starting them.
In a post Friday on social app WeChat, VIPKid shared a screenshot of a user with the handle zHuanHuan telling a chat group of nearly 100 members that she had heard VIPKid is on the verge of bankruptcy. “As long as the user zHuanHuan is not acting in bad faith, we promise not to hold her legally responsible,” the post said.
Founded in Beijing in 2013, VIPKid describes itself as one China’s top online English-learning platforms, hosting more than 700,000 students and 90,000 teachers as of August. The platform connects students, most of whom live in China, with largely North American tutors for one-on-one conversation sessions.
VIPKid responded to the rumors of financial pressure by pointing to the 1 billion yuan in investment it received in October from tech giant Tencent. Weeks later, however, TechNode reported that the company was planning to lay off 30% of its staff in sales, operations, and research and development, citing a source familiar with the matter. VIPKid told the news outlet it was “actively growing” and would hire “thousands of new employees in the months and years ahead.”
(Image: IC)
Download the new Sixth Tone app at the App Store or Google Play
(Copy URL and open in browser)