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#Chinese bike rental firm #Ofo wasted a million bucks on the matching LLL .com

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Chinese bike rental start-up, Ofo, is in deep trouble. The company with the trademark yellow bikes spent $100 dollars per bike with the manufacturer.

Bike quality was dismal and half of the bikes, millions of them, would break and become unusable.

Ofo spent more than $1.5 billion dollars it raised between 2016 and 2017 from major investors. The company charged its customers just $0.15 per month for unlimited use of bikes!

Ofo now is in debt, in the hundreds of millions of dollars and its workforce was slashed to a few workers, down from almost 4,000.

During its heyday, Ofo was valued at $3 billion dollars.

In 2017, it acquired the three letter domain, Ofo.com, spending more than $1 million dollars in that transaction, with the assistance of Guta.com.

As of this month, Ofo’s web site at www.Ofo.com has become defunct and displays a blank page.

It’s crazy seeing a company waste one million dollars on a LLL .com domain and shutting down business like this; definitely not a happy new Chinese year for Ofo.

Ofo.com in the good old days. Author: MasaneMiyaPA, licensed under the Creative Commons Attribution-Share Alike 4.0 International license.


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Comments

2 Responses to “#Chinese bike rental firm #Ofo wasted a million bucks on the matching LLL .com”
  1. DomainGang says:

    TH – That’s “Communist Capitalism” at work!

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