I gotta speak up for capitalism here (which is mostly a glorified lifehack about how to allocate material resources). It has no chance to work when the "market" is a few hundred investors deciding what to fund based on pitches. WeWork is a classic failure mode of central planninghttps://twitter.com/The_Law_Boy/status/1186643884547493894 …
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WeWork is like a Ponzi scheme if Ponzi had just said "I'm going to take all the money" and investors had willingly given it to him, plus a fee for his trouble
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My question is—who actually lost money on this? Who pays into the SoftBank Vision Fund who will be left holding the bag? Or is it other people's money all the way down?
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The social cost of WeWork is not just the employees who got a raw deal, but the hundreds of thousands of successful tech businesses this money could have launched and didn't. Part of the reason innovation is dead in tech is that you have to compete against bros with free money.
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“Okay, but Amazon”
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Amazon didn’t start really making money until they became a tech company with AWS.
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Theranos, but without even the fig leaf of “eventually our technology might work”
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Trying to remember if you were the one who linked me to this https://mattstoller.substack.com/p/wework-and-counterfeit-capitalism …
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