Cameo was once valued at $1 billion. Now it's so broke it can't pay a $600,000 fine.

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Cameo was once a tech unicorn, valued at over $1 billion just three years ago. Now it can't pay a $600,000 fine, according to a recent settlement document. The company violated FTC rules for celebrity endorsement disclosures. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Cameo was once a tech darling. In 2021, the company reached a $1 billion valuation following a $100 million investment after the app — which allows people to pay celebrities for short video messages — became a phenomenon during the coronavirus pandemic. Now, Cameo can't even pay a $600,000 fine. Cameo's dire cash straits were disclosed in a settlement agreement made public Wednesday by the office of New York Attorney General Letitia James. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .