During the height of the pandemic we saw companies and individuals struggling for their next check. The government decided that it would be a good idea to give out PPP loans. PPP loans are a specific type of loan that allows businesses to continue to keep their workers on payroll. Ozy media took out several of these loans in order to keep their employees on payroll. Ozy media covers a wide range of topic from news around the world to politics here in the US.
They recently came under fire when several reports surfaced stating that Ozy has had some questionable business practices. A total of two loans were taken out for a grand total of 5.7 million dollars and that was to be allocated to employees. During the pandemic, after the company got approved for the loan, it was stated that the company made a total of 50 million dollars. However, early this year, the company had to lay off several staffers and cut salaries. These staffers that were laid off came to the news and stated that they have not seen one ounce of the PPP money was the company was approved for.
“It was disheartening. You work so hard and give your life to this company, to be dismissed and disrespected,” a former employee said.
Just yesterday, it was reported that the Justice department is now stepping in and investigating the company due to the surge of media reports. According to the New York Times, “Ozy’s operating chief, Samir Rao, impersonated a YouTube executive on a conference call with Goldman Sachs, which was considering investing $40 million in Ozy. The report also said Ozy had also allegedly inflated its monthly unique visitors, a metric used by media firms to lure advertisers.”