There is a lot of drama unfolding. “We” planned to IPO, its last evaluation was $47 billion. After outsiders reported irregularities its evaluation plummeted quickly to $10 billion and the IPO is postponed until October, but probably shelved for much longer. We’s CEO knew the bubble was about to burst and sold his shares pre-IPO for $700 million.
It has a lot of echoes of the .com boom, with a modern twist- the pitch has changed a bit, its not just about losing money at scale, its about changing the world while doing so, with a nostalgic dose of delusion- saying their potential market is the entire real estate market worth trillions of dollars.
Add in a self dealing CEO, and the human attraction to watching disasters unfold, and here we are.
