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Photo: Mic

Millennial-focused content site Mic has laid off most of its staffers amid a rumored acquisition by Bustle Digital Group, whose brands include Bustle and Elite Daily.

Why it matters: Mic has been struggling to survive in the wake of Facebook's 2017 algorithm change, which essentially stopped driving traffic to publishers.

  • What's in it for Mic? An exit. News of Mic's struggles have been widely documented over the past year. Mic CEO Chris Altchek confirmed acquisition interest to Axios in September.
  • What's in it for Bustle? It gains access to Mic's content management system and its engineering talent, which is tough to come by in New York City.

Mic laid off the majority of its editorial staff Thursday morning, without any notice, sources tell Axios. The layoffs were first reported by Recode and confirmed by Axios.

  • Recode reported Wednesday that Mic looked to sell after an expensive video deal with Facebook ended.
  • Mic publisher Cory Haik resigned Thursday, and sources tell Axios that she cleared out her desk on Wednesday.
  • Several sources tell Axios that editorial staffers were the primary group being cut, while sales and technology employees could remain.

Between the lines: Mic is Bustle's latest cheap acquisition of a struggling millennial-focused digital media brand.

  • In August it acquired Flavorpill, an online publisher and experiential brand focused on events, after previously acquiring fashion designer Rachel Zoe's "The Zoe Report." In 2017 it bought Elite Daily, which is outperforming its internal audience and revenue goals, says Bryan Goldberg, founder and CEO of Bustle Digital Group.
  • Goldberg plans to relaunch the media gossip blog Gawker in early 2019, two years after it was shut down.

Reports suggest that Mic is being sold for less than $5 million, which is an astonishingly low figure given that Mic had raised nearly $60 million from venture capitalists and media companies like Time Warner and Bertelsmann. Its most recent valuation was north of $100 million.

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Team USA's Simone Biles watching the women's uneven bars final at the Olympic Games in Tokyo, Japan, on Sunday. Photo: Jamie Squire/Getty Images

🚨: Simone Biles will compete in her final Olympic event

⚽: U.S. women's soccer team falls to Canada in semifinals, ending chances at gold

🏋️‍♀️: Laurel Hubbard becomes first openly trans woman to compete at Olympics

🤸: U.S. gymnast Jade Carey wins Olympic gold in floor exercise final

🪧: IOC "looking into" American Raven Saunders' Olympic podium protest gesture

📷In photos: Day 10 Olympics highlights

🏳️‍⚧️: Axios at the Olympics: Games grapple with trans athletesTrans athletes see the Tokyo Games as a watershed moment

Go deeper: Full Axios coverage

Updated 1 hour ago - Sports

Laurel Hubbard becomes first openly trans woman to compete at Olympics

Laurel Hubbard. Photo: Stanislav Krasilnikov\TASS via Getty Images

New Zealand weightlifter Laurel Hubbard made history on Monday as the first openly transgender female athlete to compete at the Olympics.

Why it matters: The presence of trans and nonbinary athletes at this year's Games has been celebrated by LGBTQ+ rights advocates, but stirred controversy among critics, who argue trans women have an unfair advantage even after taking hormones to lower their testosterone.

Index fund investors saved $357 billion over last 25 years

Illustration: Sarah Grillo/Axios

Investors who’ve opted to passively track the stock market haven’t just outperformed most active fund managers. They’ve also saved a ton of money in fees while doing it.

Why it matters: There are loads of active fund managers aiming to beat the returns of funds that track indexes like the S&P 500.