BitTorrent has fired co-CEOs Robert Delamar and Jeremy Johnson and laid off a large chunk of its staff, multiple sources have confirmed. BitTorrent CFO Dipak Joshi has stepped in as interim CEO, according to Variety. Variety first broke the news.
BitTorrent is also shutting down Los Angeles-based production studio and BitTorrent Now video streaming service.
In an email to staff earlier this week, BitTorrent founder Bram Cohen announced all of the new changes that will be taking place, but the layoffs started two weeks ago.
It was back in April BitTorrent announced the leadership of Robert Delamar and Jeremy Johnson. The two were responsible for focusing on BitTorrent’s content distribution platform.
The company also closed down BitTorrent Now, a music and video streaming platform that launched in June. BitTorrent Now was the company’s way of trying to support independent artists. Insiders told Variety that the company spent millions of dollars on BitTorrent Now, one source even said that spending was “out of control.”