If anyone pays attention to the Bubblevisions, this was entirely predictable from just one video about a year ago involving America’s favorite financial buffoon:
For those that forget, their ousted CEO Adam Neumann was on CNBC more than Cramer for half a year touting a company which really didn’t have the most obvious of concepts worth investing in, but with the financial hucksters helping, were able to hype it up to absurdity.
Today however, the new SPAC that old Jim said he would buy into a year ago, well, went WeWomp:
Good times folks. If you bought at $15 you sold today at $0.13. In the huckster’s world that’s called “winning” because they suckered you into believing the “narrative” not your own eyes and understanding as to how business works.
The warning was pretty clear (via NBC News):
WeWork, once valued at $40 billion, warns of possible bankruptcy as it submits ‘going concern’ notice
Remember, there are literally hundreds of companies touted like this just like their are thousands of real estate offerings, etc.
Perhaps another major crash will be healthy this time as it will teach the goofballs on TV and the public a lesson they have needed since 1999.