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It doesn't make logical sense but this isn't about logic as much as it is about emotion. You definitely get the sense after reading this that their hearts just weren't in it. For one reason or another that lack of continuing passion led them to shutter it rather than force themselves to work on something they just didn't have as much love for anymore. Plus it was an unprofitable time sink. Yes, it made money but the opportunity cost wasn't worth it considering their other projects.

Not all good decisions are based in objective reality. Never underestimate a gut feeling.

Gut feelings are part of objective reality.

Just because emotions are involved doesn't mean the decisions aren't based in logic. It is totally logical to shut down a project that nobody really wants to work on, and one that wasn't making enough to justify its continued existence. Even if it's a source of profit.

After all, something like a mailing list service requires lots of ongoing care if it's to be any good (deliverability, etc).

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