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Capitalism is based on combining inputs so the output is more valuable than the sum of the inputs. The reason predatory pricing should be illegal is that when it's not you get morons with access to money blowing billions in capital on stupid ego trips.
If predatory pricing were illegal, which is to say you were not allowed to run companies to intentionally lose money in anti-competitive ways, much of the bullshit counterfeit economy (Lyft, Uber, WeWork, Bird) would disappear. And it should disappear.
Give any crazy person a credit card he doesn't have to pay back combined with a giant PR department and you get WeWork. Adam Neumann isn't a genius, he's a corrupt man-child whose only constraint is the patience of other corrupt man-children.
Uber founder Travis Kalanick has a new company leasing out kitchens which he says is already worth billions. The bezzle, as John Kenneth Galbraith would say, is insane.
This is from WeWork's S1.
"Our future success depends in large part on the continued service of Adam Neumann, our Co-Founder and Chief Executive Officer, which cannot be ensured or guaranteed."
Neumann is stepping down. So was this securities fraud?
"Our future success depends in large part on the continued service of Adam Neumann, our Co-Founder and Chief Executive Officer, which cannot be ensured or guaranteed."
Neumann is stepping down. So was this securities fraud?
