The fatal flaw of meal-delivery unicorns.
Tender Offer Didn’t Happen. Bonds Plunge to Record Low. This comes after WeWork reported a $1.25 billion loss in Q3. Second thoughts about throwing so many good billions after bad?
After a “run on the fund,” triggered when people figured out it was loaded up with crappy illiquid assets.
The people voted to scrap the project that was one-third finished, $4 billion over budget, mired in allegations of corruption, and built on an unstable lake-bed. But it has a life of its own.
We’ll also look at its garbage pile at the bottom. These folks don’t even pretend to be stock pickers. They buy and let it stick till it falls off on its own.
Its China team “saw increasing patterns of fraud, counterfeits and unsafe products.” But US consumers have no clue where the sellers are and where the products came from.
Russian billionaire rues the day he bought it. “We should have been more cautious and done our due diligence better.”
“I do believe that in North America it is a cyclical downturn”: Cummins COO.
“Sell first, ask questions later.”
Burning cash is easy; It’s quite flammable and just goes up in smoke.