Social networking site Multiply has been shut down by the government.
Multiply CEO, Stefan Magdalinski says that apart from the website's serious financial problems, it lacks expertise and knowledge in social networking.
Magdalinski says Multiply has reached a point where it could no longer meet its operating expenses.
He says government is reviewing the website's financial status and will also consider whether the closure poses a risk to the public.
Multiply say the outcome of these considerations will determine the government's final decision on the website's future.
Multiply is the only website in the world that an emphasis on allowing users to share media – such as photos, videos and blog entries – with their "real-world" network.
