Fraud and Financial Pyramids
23 min
Ghost Unicorns: The Mathematics of Venture Deception
WeWork was preparing for an IPO with a valuation of $47 billion. Bankers promised the founder the status of a trillionaire. Employees were already eyeing country houses. But a month later, the company was on the brink of collapse, and in November 2023, it filed for bankruptcy. This is not a coincidence, but a predictable result of the venture model of the free money era.