Last year, the former Das Racist member tweeted that the label was leaving him "broke". Last night, he took to Twitter again to say the label was folding, revealing that he's lost over $10,000 on the operation.
"I'm folding Greedhead as a label because mostly my artists/"friends" used me for their recording budgets and PR and never appreciated shit," he wrote in a series of tweets, "While Greedhead was fun, putting out 20 free records cost me at least 10,000$ and those people and their debt ignore me and resent me now. So I hope you enjoyed it while it lasted. If you want to support the free music I've spent money to put out: PayPal: HimaSuri@gmail.com."
Greedhead's releases included material by Kool A.D., Le1f, and Antwon.
The label's closure is a pretty depressing illustration of how difficult it can be to do something positive in independent music without bankrupting yourself in the process. It's hard to run an independent label in 2015, it's harder if you're using a free distribution model, and it's especially hard if your focus is giving a platform to marginalised voices.