Kim Dotcom Severs Ties With Digital Music Service Baboom
"The music industry hates me," he tweets about selling his 45 percent stake
Kim Dotcom has severed all ties with digital music company Baboom, which he helped found.
The music industry hates him, the controversial Dotcom said on Twitter Thursday in arguing that his involvement held back the company. "Good bye @Baboom. I was holding u back. The music industry hates me," he tweeted. "You'll do better without me. Good luck my love."
The former Megaupload boss launched Baboom in 2013, pitching it as a way for musicians to distribute their creations directly to fans via streams and downloads, while getting paid. The German quit his post as chief of cloud storage firm Mega to concentrate on the music venture, which plans to launch in early 2015.
Dotcom's tweet linked to a web post on New Zealand news site Stuff quoting Baboom CEO Grant Edmundson as saying: "The transaction means Dotcom no longer has any equity or role in Baboom, nor any relationship with the company."
Dotcom had held a 45 percent stake in the firm. Financial details of the sale weren't disclosed.
Added Edmundson: "Kim is moving on to focus on other projects and both camps wish each other well with future plans."
After soft-launching this year with Dotcom's own album Good Times, Baboom is now looking to strike deals with artists and labels, the report said.
It wasn't immediately clear if Baboom would go ahead with Baboom's planned stock market listing in Australia later this year that was designed to raise $4.2 million