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You always need a counterparty to back your dreams. The dreams could be reachable or just a figment of the counterparties imagination. Softbank happened to be
by 1cvmask 5y ago
You always need a counterparty to back your dreams.
The dreams could be reachable or just a figment of the counterparties imagination.
Softbank happened to be the best counterparty at that time for many outlandish claims and imaginations.
Like the dog walking app. Or the super successful exit of Slack.
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But everyone in tech always knew WeWork was NOT a tech company.
There were comparable publicly listed companies like Regus as compcos.
Softbank is a grown up company with many "successful" MBAs etc.
They all knew what they got into. The greater fool theory always works till you are the greater fool.
- secondaryacct 5y agoI disagree a bit. The positionning of WeWork was so similar to a tech startup I rmb being like "oh right they do 0 technical innovation and 100% lease-fu" when it started being discussed at the IPO. It feels I wasnt alone and many more intelligent people also realized this IPO was nonsense.
- jacquesm 5y agoAnybody that used WeWork or that just went to visit there knew that the concept didn't have any legs beyond marketing pumping up the bubble.