Medium founder and CEO Ev Williams disclosed today in a blog post that his four-and-a-half-year-old company is eliminating 50 jobs and shutting down offices in New York and Washington, D.C. In a philosophical letter to the public, he recounted how his team's ultimate goals had gotten off course thanks to the monetization model known as advertising.
"We set out to build a better publishing platform—one that allowed anyone to offer their stories and ideas to the world and that helped the great ones rise to the top," Williams wrote.
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