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1/ @profgalloway has been ahead of @WeWork story & unsure if this is the point HE'S making but a lot of people are retweeting/sharing & IMHO the target of their empathy seems misplaced & bizarre.
@profgalloway @WeWork 2/ Don't wanna say these jobs @Uber & @WeWork should not have existed/created as that's not accurate nor fair, but these high-risk jobs were created STRICTLY through the lens of money-losing, venture-funded framework under the paradigm of DISRUPTION...
@profgalloway @WeWork @Uber 3/ When these enterprises destroy traditional (albeit bloated & slow) companies & industries, no one seems to cry as much. So why now cry for staffers who are now down because their Stumptown coffee has been replaced with Starbucks (OMFG) google.com/url?sa=t&rct=j…
@profgalloway @WeWork @Uber 4/ This is all part of the game & that's the game that founders, startup employees all play... playing with other people's money on the way up. These ARE the rules of engagement. Similar to the premise of moral hazard, everyone should understand that startup equity = HIGH RISK...
@profgalloway @WeWork @Uber 5/ Uber drivers sleep in cars, lack health coverage & many KILLED themselves. Yet very few people gave a damn then, citing disruption/quoting Darwin. No one should shed a tear for Startup founders (yes Newmann cashing out $700M of investor money despite losing money = criminal)
@profgalloway @WeWork @Uber 6/ But in same vein, shedding tears for employees who joined a startup 5+ years later (when value on paper soared, options were priced higher & now realize the lottery ticket didn't prove to be a winner) is equally shocking when you consider plight of those outsiders affected...
@profgalloway @WeWork @Uber 7/ Don't doubt that @WeWork staff worked hard long hours & those who joined later thought their options were in-the-money, but re moral hazard, they knew what they were signing up for; we can't now pretend THEY'RE victims either (again, there may have been Fraud here).
@profgalloway @WeWork @Uber 8/ As startups become less niche, employees who make their own decisions as adults need to understand true Risk/Reward dynamics. I get it that early employees of startups take SOME risk, but pretending employees who ride the VC gravy train are victims is just nonsense IMHO /END.
@profgalloway @WeWork @threadreaderapp unroll
