App.net: 'Good news, we've made money; bad news, we're all fired'

Ad-free social network App.net has clawed enough cash from subscription revenues to let it be "profitable and self-sustaining," – albeit without any employees.

"The bad news is that the renewal rate was not high enough for us to have sufficient budget for full-time employees. After carefully considering a few different options, we are making the difficult decision to no longer employ any salaried employees, including founders."