> Employees joined these companies and were granted equity at multi billion dollar valuations and investors invested in these companies at multi billion dollar valuations
Hubris and a lack of pragmatism has a cost. Of course the equity is worthless! If you do small things that don’t scale and poop aren’t profitable, and then scale and still aren’t profitable, there’s nowhere else to go.
These investments of time and fiat never seem to ask, “walk me through the milestones you’ll accomplish to corner the market.” Same with Uber (from their S-1): “We include all passenger vehicle miles and all public transportation miles in all countries globally in our TAM, including those we have yet to enter” eye roll
TLDR The koolaid has a bitter aftertaste.
(tangentially, Uber has spent almost $28B and still isn’t profitable)
Hubris and a lack of pragmatism has a cost. Of course the equity is worthless! If you do small things that don’t scale and poop aren’t profitable, and then scale and still aren’t profitable, there’s nowhere else to go.
These investments of time and fiat never seem to ask, “walk me through the milestones you’ll accomplish to corner the market.” Same with Uber (from their S-1): “We include all passenger vehicle miles and all public transportation miles in all countries globally in our TAM, including those we have yet to enter” eye roll
TLDR The koolaid has a bitter aftertaste.
(tangentially, Uber has spent almost $28B and still isn’t profitable)