The company's share price fell 47% on Nasdaq yesterday to 47 cents (32p) and faces being delisted from the technology exchange.
The company admitted last week that its chances of finding sufficient funding to keep going were slim. Its auditors Ernst & Young then admitted that there was "substantial doubt" that the ISP and portal could continue trading.
Analysts expect the company, which has $1bn (£690.4m) in debt and $400m (£276.2m) in assets, to declare bankruptcy and sell parts of its business off. However, this would leave little or no value for equity holders, which is why investors are said to be jumping ship.
The company is expected to end the year with just $20m (£13.8m) in cash, down from $154m (£106.3m) at the end of the third quarter. It has been unable to sell its media businesses, and its broadband ISP, which has 3.2m subscribers, has lost exclusive agreements with US cable companies Cox and Comcast.