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> "It was as if Silicon Valley had made a secret pact to subsidize the lifestyles of urban Millennials. As I pointed out three years ago, if you woke up on a Ca
by donsupreme 4y ago
> "It was as if Silicon Valley had made a secret pact to subsidize the lifestyles of urban Millennials. As I pointed out three years ago, if you woke up on a Casper mattress, worked out with a Peloton, Ubered to a WeWork, ordered on DoorDash for lunch, took a Lyft home, and ordered dinner through Postmates only to realize your partner had already started on a Blue Apron meal, your household had, in one day, interacted with eight unprofitable companies that collectively lost about $15 billion in one year."
- Spivak 4y agoWell yeah, and they lost 15 billion because they offered the subsidies to Millennials and Gen Z a group that was always aware of the subsidies and were more than happy to take advantage of stupidly low pricing and then bail. Literally I’ve probably gotten thousands of dollars of value from companies who are salivating over customer acquisition and then knowingly stabbing them in the back by leaving when the free money dries up. It’s practically a badge of pride at this point to a customer of one of these companies with a negative net profit. So they can’t really act all surprised pikachu that once they’re not selling dollars for 80¢ the people who knew they were doing that all along will bail and laugh. Half our economy is just thinly veiled wealth transfers to the rich, zero shame in separating stupid VCs from their money.