MarketWise Announces Plans to Close Legacy Research Division

MarketWise Shuts Down Legacy Research Arm Amid Alleged Policy Violations: Impact on Total Workforce and Net Income

MarketWise has announced plans to shut down its Legacy Research arm due to alleged violations of company policies by certain managers, as stated in a regulatory filing on Tuesday. This reorganization is expected to be completed in the first half of the year and will involve the closure of Legacy Research subsidiary brands.

The financial research company stated that the operation to be wound down has 104 employees, representing about 18% of MarketWise’s total workforce. These employees will either be offered a new role within the company or have their positions eliminated. MarketWise stated that the closure of Legacy Research is in response to misconduct and is a demonstration of the company’s commitment to providing reliable and independent financial research to subscribers.

MarketWise also stated that it will make every effort to serve existing Legacy Research customers by offering similar products published by other MarketWise brands. Additionally, the company reported that net income for Legacy Research declined throughout 2023 and amounted to about $9 million for the last six months of the year. However, MarketWise is currently unable to estimate the cost of the reorganization and wind-down, as well as the impacts on the company’s overall results of operations. It said it will disclose this information after it determines estimates or a range of estimates.

Leave a Reply

Discovery of Massive Drug Lab in Mexico Unearths Over 40 Tons of Methamphetamine Previous post Mexico’s Largest Drug Lab Discovery Highlights Persistence of Organized Crime: The Ongoing Battle Against Drug Trafficking in the Country
Uros founders face demands for unconditional imprisonment Next post Uros Founders Face Imprisonment in Aid Fraud Trial: How Accountability and Transparency Matter in Business Dealings