Source: USA Today
On October 30, 2002 USA Today reported that "the much-downsized staff of Beliefnet... celebrated their emergence from bankruptcy. Founder and CEO Steve Waldman says they aren't 'clear if it's a reincarnation, a resurrection, or just good fortune. But we do know we're alive and feeling very blessed!' Launched in late 1999, Beliefnet.com [became] a victim of the dot-com recession that left many popular sites broke, Beliefnet defied the odds the old-fashioned way: Layoffs, drastic pay cuts and hard work. Beliefnet has defied much skepticism beyond Internet business models. Many thought that a multi-faith site couldn't survive, arguing that most people look to the Internet to confirm their own religious beliefs, not explore others."