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In April 1996, with Tom Rielly as President and Jon Huggett as CEO, PlanetOut Inc. In September 1996 PlanetOut launched its services on the web America Online. In January 1997, Sequoia Capital exited as an investor though America Online remained. Huggett later left the company and Rielly temporarily returned as CEO. Megan Smith was subsequently appointed as CEO and Tom Rielly remained on the Board. In 2000, PlanetOut Inc. On October 14, 2004 PlanetOut went public and became the first gay-directed business to trade its stock on a major United States stock exchange, Nasdaq. The initial public stock offering of 4. PlanetOut adopted LGBT as its ticker symbol. In November 2005 PlanetOut Partners acquired , the publisher of , , , and , becoming the largest LGBT related media company, with multiple print magazines and multiple websites on various platforms and services. Although this was a 93 percent improvement on 2005 revenues, the purchase of RSVP was the beginning of the end for PlanetOut. Despite the financial losses, there was still a lot of hope and belief in PlanetOut. The investment came from the sale of roughly 22. In October 2007 PlanetOut announced the impending sale of its RSVP Vacations, a gay cruise and events company, to competitor The downfall of Planetout was reported to be mismanagement. In April 2008, PlanetOut released a letter of intent to sell LPI and specialty publications to , which owns. In January 2009, PlanetOut Inc. Archived from on 2009-06-09. San Francisco Business Times.