Basically, they tried to exit to Twitter, that failed, they were copied to death by competitors (including Twitter), no Android app on release = less users, hype died = no money to be made.
I asked the very same question as to why is it was even worth $1B [1] still no concrete answer on that.
"By April, Twitter entered talks to buy Clubhouse for $4 billion, which is more than the value of Air France, Six Flags, Sunoco, Shake Shack, or Fannie Mae. It turned Twitter down"
Basically, they tried to exit to Twitter, that failed, they were copied to death by competitors (including Twitter), no Android app on release = less users, hype died = no money to be made.
I asked the very same question as to why is it was even worth $1B [1] still no concrete answer on that.
[0] https://news.ycombinator.com/item?id=28093156
[1] https://news.ycombinator.com/item?id=25883362