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Napster Said It Raised $3 Billion From A Mystery Investor. Now The ‘Investor’ And ‘Money’ Are Gone

Napster (formerly Infinite Reality) CEO John AcuntoPhoto By Carlos Rodrigues/Sportsfile for Web Summit via Getty ImagesOn November 20, at approximately 4 p.m. Eastern time, Napster held an online meeting for its shareholders; an estimated 700 of roughly 1,500 including employees, former employees and individual investors tuned in. That’s when its CEO John Acunto told everyone he believed that the never-identified big investor—who the company had insisted put in $3.36 billion at a $12 billion val...

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