Digital Domain Media Group, the Florida-based digital effects company behind the Tupac Shakur hologram that wowed 'em at Coachella, has been in a downward spiral since spring. After staging an IPO last year, the company peaked at around $9 a share. It's now fallen below $1. The CEO, John Textor, resigned today.
The entire Florida operation is going to be effectively shut down, but studios in California and Canada will remain in business, according to a statement from the company.
DDMG has been an integral part of the visual effects of "Transformers" and "Tron," as well as "Thor." The company's market capitalization has plunged to about $24 million, making it worth less than its apparent total debt of $35 (debt that was just extended by bondholders).
The company is miles from where it was in late May, when executives rang the bell at the New York Stock Exchange.