Quibi expects to have spent $1 billion by the end of September

The Wall Street Journal

A Wall Street Journal report details the tension between Quibi founder Jeffrey Katzenberg and CEO Meg Whitman, with Whitman said to be annoyed by Katzenberg publicly blaming the slow launch to the coronavirus pandemic. Quibi has already burned through a lot of cash after raising $1.75 million. By the end of September, it will have spent $1 billion and will need an additional $200 million by next April to keep going. Meanwhile, Quibi is on pace to hit less than 30% of its subscriber goals. ALSO: Katzenberg initially wanted to name Quibi "Omakase" after the term used to describe high-quality sushi selected by the chef.