Convoy Trucking Startup Shuts Down Following Freight Market Collapse and Investment Drought

CEO Says Struggling Trucking Logistics Company is Shutting Down After Losing Strong Interest From Likely Buyers

Convoy Inc, a trucking startup backed by investors including Jeff Bezos and Bill Gates, announced its shutdown following failed acquisition attempts and financial struggles in a declining freight market.
The company, valued at $3.8 billion last year, had down scaled its workforce from 1,500 to 500 and was on the brink of running out of funds within weeks.
Convoy had raised over $1 billion from its investors, including big names such as Allen & Co., which made profitable returns by selling all its shares last year.
The tough market conditions severely affected Convoy, causing a 'massive freight recession' and a contraction in capital markets, which were significant factors in the decision to shut down.
The company's CEO, Dan Lewis, informed the firm’s equity investors that they won’t get any money back, even if the company's technology assets are sold off.