Denki News

May 22, 2006

The bizarre story behind the fall of Gizmondo

Filed under: Video Games — icruise @ 1:07 pm

The Times Online has an interesting article detailing the story behind the fall of Gizmondo, the startup that claimed to be releasing a handheld to challenge the likes of Nintendo's DS and Sony's PSP. By all accounts the Gizmondo device itself was a flop from the very beginning. It was overpriced even if you chose the questionable "ad supported" service and game support was lacking. But the really interesting thing is how the company's founders (who were later discovered to members of the Swedish mafia) managed to blow through hundreds of millions of dollars with very little to show for it. They bought millions of dollars worth of jewelry, watches and exotic sports cars with company funds. You really have to wonder what was going on. Was it a scam from the beginning? Did Gizmondo really think they could make a go of it, or did its founders realize early on that they were doomed and just decide to milk the company for everything they could? Was it a real-life Brewster's Millions? We may never know all the details.

"The company that blew it all in two years" from the Times Online


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