After losing all shares in Fridae, gay portal’s co-founder severs domain from company

Fridae.com is no more.

That’s because the Singapore-based social network for Asia’s gay community has been shifted over to Fridae.asia, following some unresolved disputes with the Board of Fridae the company.

Stuart had earlier resigned from the company as its director and CEO in May 2011. According to a letter he wrote recently, the reason for his departure was that he did not share the same vision with the Board.

“This made it difficult, if not impossible for me to continue in my role. The last few months of my time at Fridae has left me disappointed and very disillusioned,” he wrote.

Even after his departure, he and the board were unable to settle outstanding disputes. Furthermore, Stuart claimed that the Directors exercised a clause to forfeit all the sweat equity he had obtained as part of the company’s management.

“As it now stands, I no longer own a single share in the company I have invested most of my working life to build,” he said, “and thus with great regret, I am hereby severing the connection between the domain ‘fridae.com’ from Fridae the company and the service provider.”

The web portal claims to have half a million registered users, 1.5 million visitors, and 30 million pageviews a month.

Earlier this year, SGE reported that Fridae received an investment from LGBT Capital. In a statement, the company said that they also plan to launch a mobile app in Q1 2012 and a community support network for HIV-positive gay men and transgendered people living in Asia.

Updated on 17th Nov, 5pm: Earlier, we stated that Stuart shifted the website to Fridae.asia. That is incorrect. Stuart severed the domain Fridae.com from the company, which then moved the website to Fridae.asia. Ownership of the gay portal is still retained by the company.

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