At some point after investing tens of millions of dollars in 22-year-old Lucas Duplan, investors decided a boy with no experience wasn't fit for the job. So they installed the former CFO of Netflix, who just bailed. This company is fucked.

Fortune's Dan Primack reports that Clinkle, the stealth mobile startup company that raised $25 million in venture capital without really explaining what it does, has "issued pink slips to 16 of its 60-person staff, or just over 25%." The layoffs have not been in engineering, but rather the business side of operations.