The key moments, with employee sentiment along the way.
2013
π±
2013
Founded as OpenMail
An ad-arbitrage shop that buys traffic and sells intent; it later renames itself System1.
Wikipedia
Jan 2022
π
Jan 2022
The peak: a $1.4B SPAC debut$1.4B
Merges with Trebia Acquisition Corp at a $1.4B enterprise value and lists as NYSE: SST β unicorn and peak on the same day.
S&P Global
2022
π
2022
Slips out of the club
The de-SPAC pop never comes: Apple and Google privacy changes and a softening ad market hammer the search-arbitrage business in year one.
CNBC
2023
2023
Revenue halves
FY2023 revenue falls 51% while roughly $308M of debt weighs on the balance sheet.
S&P Global
2022β24
π¬
From the inside Β· Glassdoor reviews, 2022β24
Glassdoor reviews from the post-IPO years described a well-liked culture cooling after the listing: repeated layoff rounds β some employees counted several in a year as the shares fell β frequent strategy shifts, and editorial work handed over to AI.
Jun 2025
Jun 2025
A 1-for-10 reverse split
The stock has slid far enough that ten old shares become one new one to keep the listing presentable.
S&P Global
Today
Today
Still in the club β and still trading
Live Β· SST Β· NYSEas of 2026-09-17
$3.22βΌ 16.15% todayβ $28M cap Β· β98.0% from peak
π¬ entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor β; dated facts carry their source.
How it happened
System1 runs a 'responsive acquisition marketing platform' and owns properties like the privacy search engine Startpage; it went public in January 2022 via a SPAC merger at a $1.4B enterprise value.
Apple and Google privacy changes and a softening ad market hammered its search-arbitrage business β 2023 revenue fell 51% β while heavy debt weighed on the balance sheet, collapsing the stock and forcing a 1-for-10 reverse split in 2025.
Source: Wikipedia / CNBC / S&P Global ($1.4B enterprise value via Trebia Acquisition Corp SPAC, Jan 2022; FY2023 revenue -51%; 1-for-10 reverse split June 2025; ~$308M debt)
Founders
Michael Blend
Co-founder, Chairman & CEO (current)
Still there β CEO, Chairman & Co-Founder Β· LinkedIn β
Chuck Ursini
co-founder
Still there β President & COO, Co-Founder & Board Member Β· LinkedIn β
