How to clap back when an attack column brands you as a 'ZIRP horror story'

For startup founders, being singled out in an attack column like Rear Window should spark mixed emotions. It signals that you've made it—but also that you're a target. So, how should you respond?

For CEOs, two media milestones stand out: the day you grace the front page of your national masthead and the day you land on the back page.

The back pages, home to the opinion section, are among the most eagerly read parts of a newspaper. Unlike beat reporters, opinion columnists don’t have to tread carefully to maintain relationships with their subjects. They have more freedom—and fewer editorial constraints—than traditional news reporters, allowing them to be more direct and, at times, more critical.

Yesterday, Linktree, one of Australia’s most prominent tech unicorns, found itself in the crosshairs of Rear Window. Rear Window is a sharp, snarky, sometimes satirical column that focuses on business and political gossip, offering insider commentary on high-profile figures and events in Australia's corporate world.

As one of the most widely read—and influential—sections of the Australian Financial Review, its impact on public perception is hard to ignore:

Linktree is a popular ‘link-in-bio’ tool designed to streamline the sharing of multiple links on social media platforms, particularly where users are limited to a single link in their profile. Linktree allows individuals (creators, influencers, celebrities) and businesses (eCommerce shops, restaurants, market stalls) to create a landing page that houses various links, making it easier for followers to access different content, such as websites, social media profiles, and online stores.

In his piece, columnist Mark di Stefano dissects Linktree’s FY23 public filings. He doesn’t paint a pretty picture:

It made $42.8 million in revenue, up from $25 million a year earlier. At the same time, its expenses hit almost $100 million. It left Linktree with a $61.6 million loss for 2023, up 18 per cent from the prior year.

To “extend the group’s runway”, it laid off almost half its workforce, made up of employees the founders infantilise as “Linkies”. Linkies peaked at 288, before being culled to 142 by the end of FY23. Its “one-off severance payments” totaled some $4.5 million, which averages more than $32,000 per fallen Linkie.

It's a bruising read. As a former VC investor in early-stage tech companies, and as someone who now supports founders and executives to navigate the media and command their narratives, I felt the gut punch.

Personally, I’ve also been in the crosshairs of some highly visible online scuffles, where I’ve had my character, competence, and core valued attacked by a mob - who had never met me! It's like having the wind knocked out of your lungs. You feel as if the whole world is watching — snickering, jeering — as you struggle to breathe.

When you’re in crisis, the temptation is to shut down. To put your phone on airplane mode and wait for the storm to pass. Your loved ones may give you this advice — ignore them, it’s just noise. They’re just jealous, and what they write has no bearing on you or your company.

While it might be well-intentioned, this advice is dumb.

Whether or not you’re interested in the discourse, the discourse is interested in you. If you don’t command the crisis, the crisis will command you.

How could Linktree have clapped back?

Disclaimer: I’ve never invested in Linktree, worked for Linktree, or seen any confidential information about Linktree. I’m piecing this response together from what’s publicly available. Sharing inside information could make this response even stronger.

As one of the founders, I would have made the following post on social media:

“Today, there was an article about Linktree in Rear Window - the AFR’s attack column. It’s not a part of the paper a CEO looks forward to seeing their name in. When I woke up at 6am to several messages about Rear Window, my heart sank.

Reading the article, I felt sick in my stomach. Not only was it bruising, it was also wrong. The article was based on our FY23 ASIC filing - which is already 15 months out of date, and which paints an extremely surface level picture of how our business is performing.

As always, the truth is far more complicated - and far more interesting.

I’m extremely proud of what we’ve built as a team. In the spirit of transparency, I’m proud to share some slides from our latest board deck - which provides a far more complete view of our incredible growth - to over 50 million Linkers globally. Our growth has only accelerated - in 2024 we added over 10 million Linkers in the span of just 5 months.

Being a ‘link-in-bio’ tool has never been our end goal - it’s always been just the beginning. With 50 million users, we are swimming in data - and it’s all pointing in one direction: commerce is becoming social, and creators are the key to unlocking social commerce.

Earlier this year, we launched a social commerce beta with our partners Sephora and Urban Outfitters. This allowed creators to add storefronts to their Linktree pages and take a 12 - 15% commission on the sales they drove. The beta was a huge success and we’re excited to roll it out across our entire network of creators. Soon, creators will be able to access a huge range of products they can highlight on their page, via our partnerships with the world’s most loved brands: including Adidas, Lululemon, and Net-a-Porter.

Everyday we’re delighted to hear stories of users who’ve built their livelihoods on Linktree: from Tiktok creators who’ve turned their crafts into business empires, to mom-and-pop shops who’ve been able to expand considerably by using Linktree to direct their loyal customers to their other shops and products. Soon, creators all over the world will have access to additional ways to monetize their creativity, to earn a living, or grow a business.

Rear Window reported on an outdated and dry financial document that is filed for compliance reasons. What the document didn’t articulate was the vision that we share with our investors - one that we’ve been executing on strongly.

If you’re a global consumer business operating in a competitive sector, your business model and growth trajectory will look different to a B2B SaaS company. There will be some years where you have to burn money in order to fund growth, and defend your position as the market leader.

Once you’re at scale, then you can use your position to negotiate great deals with household names such as Sephora and Adidas, and give Linkers access to top-of-market commissions on an unbeatable product catalogue.

“Heavy is the head that wears the crown” snarks the critic. As a founder and CEO, I do feel my responsibility heavily - to our 200 Linkies, our 50 million Linkers, to our 2,000 brand partners, and to our board and investors - who have been incredibly supportive throughout.

In a few years, I’m sure this AFR article will be a forgotten blip. But in the moment, I wanted to take the time to give recognition to our fantastic team, users, partners, and investors.

I for one an more excited to look ahead to where we’re driving - not at the Rear Window.

And… scene.

Why is clapping back important?

With a response like this, Linktree can stop the bleeding and regain control.

They can reassure their stakeholders - their team, users, partners, and investors - that everything is going to plan and they’re in command. They provide reassurance that they business is on solid ground, and not at risk of bankruptcy.

They demonstrate they’re capable of strong leadership - remaining cool-headed under pressure, and able to use a spike in public interest to their advantage.

They snark back at the critic, and inspire fanatical support from their tribe - other founders, creators, and small business owners who’ve had to face snickering and jeering.

As the tech ecosystem loves to crow (or sook?), it’s not the critic who counts.

Credit belongs to the person in the arena. But they need to turn up - with boxing gloves.

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