On Thursday, Dennis Crowley checked out as the location-based social media app’s chief executive, handing the reins to Jeff Glueck, Foursquare’s chief operating officer.
The switch comes after the company raised $45 million in funding, but saw plummeting valuation.
“ The financing pegs Foursquare’s valuation at roughly half of the approximately $650 million that it was valued at in its last round in 2013, according to three people with knowledge of the deal’s terms, who spoke on the condition of anonymity,” The New York Times reported.
The app’s estimated worth has been declining over the past few years. The Wall Street Journal reported that Foursquare’s valuation was $760 million in 2012—a steep difference from the current valuation of roughly $330 million.