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Pinboard

@Pinboard

The light inside is broken, but I still work. The Cadillac of online bookmarking sites. Alleged nocoiner. http://pinboard.in  maciej@ceglowski.com +1 415 610 0231

Lonely street of broken dreams
pinboard.in
Joined July 2009

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    1. Pinboard‏ @Pinboard 22 Oct 2019

      Pinboard Retweeted Law Boy, Esq.

      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 …

      Pinboard added,

      Law Boy, Esq. @The_Law_Boy
      capitalism is incredible, the WeWork dude is getting over a billion dollars as a reward for briefly tricking everyone into thinking he had a profitable business model https://twitter.com/GillianTan/status/1186640209292746752 …
      6 replies 71 retweets 264 likes
      Show this thread
    2. Pinboard‏ @Pinboard 22 Oct 2019

      I'm fine with critiques of capitalism that go to town on how this much wealth came to be concentrated in so few hands. But the free market did its job here! It showed that WeWork was not a viable business, quarter after quarter.

      3 replies 13 retweets 68 likes
      Show this thread
    3. Pinboard‏ @Pinboard 22 Oct 2019

      At every stage of the process, normal people observed that WeWork's business model was not tenable absent billions of dollars of subsidy, nor did it have any tech component that would let them plausibly handwave this criticism away (like Uber woo about self-driving cars)

      4 replies 6 retweets 56 likes
      Show this thread
    4. Pinboard‏ @Pinboard 22 Oct 2019

      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

      3 replies 24 retweets 114 likes
      Show this thread
      Pinboard‏ @Pinboard 22 Oct 2019

      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?

      7:51 PM - 22 Oct 2019
      • 4 Retweets
      • 49 Likes
      • illumish Matt elite figuring tobin palenbae fully vaxed! biggest_loser caquistocracia 🌹🔥 ThisIsAName
      8 replies 4 retweets 49 likes
        1. Pinboard‏ @Pinboard 23 Oct 2019

          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.

          1 reply 44 retweets 105 likes
          Show this thread
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        1. Nathan L‏ @njl 22 Oct 2019
          Replying to @Pinboard

          Do VCs get 2% and 20% like hedge funders, or are they required to have skin in the game?

          0 replies 0 retweets 0 likes
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        1. hughw‏ @hughw 22 Oct 2019
          Replying to @Pinboard

          It's mid-decade US Federal Reserve QE money still sloshing around between banks and unicorns.

          0 replies 0 retweets 1 like
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        1. Daniel Feldman‏ @d_feldman 22 Oct 2019
          Replying to @Pinboard

          Japanese pension funds and the Saudi government mostly

          0 replies 0 retweets 2 likes
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        1. New conversation
        2. alec‏ @alecbzr 22 Oct 2019
          Replying to @Pinboard

          Equity-compensated WeWork employees potentially also lost? Who I guess you could consider a kind of investor, but ones that probably took larger risks and are less well-off than actual investors.

          1 reply 0 retweets 0 likes
        3. alec‏ @alecbzr 22 Oct 2019
          Replying to @alecbzr @Pinboard

          Oh actually I guess SoftBank buy any employee equity too? In which case maybe they didn't lose so much.

          0 replies 0 retweets 0 likes
        4. End of conversation
        1. New conversation
        2. ⬢ Jens Wiechers ⬡ (he/him; prefers they/them)‏ @jwiechers 22 Oct 2019
          Replying to @Pinboard

          ⬢ Jens Wiechers ⬡ (he/him; prefers they/them) Retweeted ⬢ Jens Wiechers ⬡ (he/him; prefers they/them)

          Saudi Arabia, Japanese pension funds, Softbank, mostly.https://twitter.com/jwiechers/status/1186688253287653377?s=19 …

          ⬢ Jens Wiechers ⬡ (he/him; prefers they/them) added,

          ⬢ Jens Wiechers ⬡ (he/him; prefers they/them) @jwiechers
          Adam Neumann of WeWork was not the hero we needed in the war against wealth accumulation, but he was the hero we deserved.
          Show this thread
          1 reply 0 retweets 0 likes
        3. Higgs‏ @DiracWinsAgain 23 Oct 2019
          Replying to @jwiechers @Pinboard

          So Adam Neumann tricked a bunch of Saudi Oil Sheiks into subsidizing office space for American startups and walked away with a billion dollars of their money? In any other age this would be a fairy tale.

          0 replies 0 retweets 0 likes
        4. End of conversation
        1. palenbae fully vaxed!‏ @palendae 23 Oct 2019
          Replying to @Pinboard

          Yea

          0 replies 0 retweets 0 likes
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        1. mik‏ @mik235 23 Oct 2019
          Replying to @Pinboard

          https://www.npr.org/templates/transcript/transcript.php?storyId=767379358 …

          0 replies 0 retweets 0 likes
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