TechStars New York has hired a new managing director, almost five months to the day after the accelerator fired its previous managing director, Eugene Chung.

It sounds like the accelerator bubble is constricting right on schedule. According to an email obtained by Valleywag, Eugene Chung, who was hired to replace David Tisch as managing director of TechStars New York in January, has been fired. The departure comes two weeks before the accelerator's upcoming Demo Day, which in years past has been an orgy of oversubscribed startups and was the subject of a reality series on Bloomberg TV.