> TechCrunch has lost a lot of its Silicon Valley, with the tech blog scene proliferating since.

How am I meant to parse the first part of this sentence, "TechCrunch has lost a lot of its Silicon Valley"?

(I mean I get that it's trying to convey that TechCrunch no longer has the kind of grip it once had on SV tech press, but does this clause itself actually make sense?)