As Internet of Things reporter Stacey Higginbotham points out, high-ranking Insteon executives, including CEO Rob Lilleness, have scrubbed the company from their LinkedIn accounts. In the time it took to write this article, Lilleness also removed his name and picture from his LinkedIn profile. It seems like that is the most communication longtime Insteon customers are going to get.
In 2017, Smartlabs Inc. was acquired by Richmond Capital Partners, a private investment firm founded by Rob Lilleness, and Lilleness was installed as CEO. Insteon scrubbed the blog post about this acquisition from its website, but archive.org still has the announcement. Insteon’s biggest tech-news splash was being one of two launch partners for Apple’s HomeKit in 2015.
This is the absolute state of modern capitalism lmao. Companies with actual means of production working to create material goods with actual values getting bought by finance who extracted and converted the value into fictitious capital, and then once all is done they shut down the means of production and held a last sale for its carcass.
In sale world this should considered detrimental to the economy, because of the loss of economic output and the workers who lost their income. But since we live in a smoothbrained hellword, this is good for the GDP because the finance company "grows" in value larger than the now dead looted company.
This is the absolute state of modern capitalism lmao. Companies with actual means of production working to create material goods with actual values getting bought by finance who extracted and converted the value into fictitious capital, and then once all is done they shut down the means of production and held a last sale for its carcass.
In sale world this should considered detrimental to the economy, because of the loss of economic output and the workers who lost their income. But since we live in a smoothbrained hellword, this is good for the GDP because the finance company "grows" in value larger than the now dead looted company.