Pebble smartwatches - from rags, to riches, to rags

Is the gist of the story they went bust because of too many staff?
I got the pebble 2 and the first charge lasted 1 week which is a great battery life.
 
If 25% of their staff meant 40 people, then they were sitting only 160 strong at the time, which is miniscule given the amount of money flowing into the business. I find it remarkable that they were able to burn through so much cash in so short a time, in many cases not even being able to produce any of the rewards for their latter Kickstarter campaigns despite drawing in millions of dollars.

Where did the money go? It clearly didn't go into production. Did it go into R&D? Tooling? Prototyping?

I have a feeling a lot of wasteful and unnecessary expenditure is to blame.
 
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