Back to founder mode after Mat Baxter's swift Mutinexit
Welcome to a midweek update from Unmade. In today’s content for our paying members, we consider the gleeful reaction from some quarters to the rapid exit of Mat Baxter from Mutinex.
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Unmade Index slips as SCA tracks below $120m
The Unmade Index slid back close to its low point on Tuesday despite the wider ASX All Ordinaries edging into positive territory.
What didn’t help sentiment was word that early Guideline SMI data on media agency spend for August showed most sectors going backwards, despite hopes that the market had hit bottom.
The market capitalisation of Southern Cross Austereo dropped below $120m for the first time after losing another 2%.
The Unmade Index - which tracks the movement of the ASX-listed media and marketing companies - slipped by 1% to 438.9 points.
Why was the industry so pleased about Baxter’s Mutinexit?
The ad industry went into paroxysms of schadenfreude on Monday night with the arrival of a 9pm announcement from Mutinex.
After just four months, the APAC CEO of Mutinex, Mat Baxter, has left the business, unable to work happily alongside founder and global CEO Henry Innis. Even in a fast growing and increasingly global tech startup like Mutinex, it turned out that there was indeed not enough room in the business for two big personalities.