On Wednesday, First Look Media delivered the latest in a flurry of bad news for digital media: the company, which includes The Intercept and was founded by a tech billionaire turned Twitter critic of Donald Trump, said it could no longer afford its research team, and was eliminating those jobs as part of a 4 percent cut in its workforce. “I am sickened,” Intercept co-founder Laura Poitras wrote in a March 13 email reported by The Daily Beast. The “beating heart of the newsroom,” she said, had been torn out.
That a billionaire is laying off employees is not a shock, except in this case the billionaire’s company was said to be in the public interest. Specifically, The Intercept is classified as a “public charity.” For nearly two years it has been soliciting donations from its readers for “fearless, independent journalism.”