I agree, but I still think is overall point is correct: they need to do it now while it's still smoking hot

Wework was a valid long bet that office properties would re-appreciate once the pandemic stopped — but now that AI is pulverizing the job market, any hope of that long bet paying off will require one of three things: a free-market boom in workers that require commercial property for success (e.g. physical invention companies like e.g. Saildrone due to not being able to homelab resins for safety reasons), and/or a market-wide rehiring event due to AI’s failure to deliver, and/or regulatory shifts in profit taxation and new business investment that trigger the above-described boom.

I know some commercial property owners in my hometown let their lowest-desirability storefronts sit vacant for twenty or thirty years (!) in order to prevent commercial property rent from falling across their entire portfolio. Turns out you can pay a lot of property taxes with not much revenue, and there hasn’t historically been regulatory pressure to pay an escalating “empty tax” to compel landlord pricing to behave according to supply and demand pricing models. Wework is still a terrible investment for an investor, but if you’re looking to bet long with no call and have the patient of decades, it’s not the worst plan. (There are certainly worse ways to gamble your money on the commercial property market!)

SpaceX valuation is also going to be interesting. Talking about CapEx, SpaceX has deorbiting assets on top of depreciating ones. And without Starlink the space launch market size is pretty small.

> WeWork.. hard to take anyone seriously that ever invested in this bad boy.

Masayoshi Son may not be providing returns for its investors but he is providing entertainment for the rest of the world.

Yep, SpaceX actually has a track record as an actual leader and innovator in it's niche (that's very CapEx intensive to enter), it's not really a moat but it's a lead that no other entity seems to be closing in on (on the contrary many would-be competitors seems to have almost given up).

As for OpenAI, I'm not sure if Altman is an idiot or fraudster, claims about reaching AGI/ASI with scaling and investing in that fashion was always delusional at best or fraudulent at worst, maybe he just hoped to divert enough money to engineers to make actual breakthroughs or that the hardware would become a moat but competitors have kept pace, and I fully agree that they are mostly now only hanging on with an insanely bad cost structure now.

Twitter is already dead as everyone on Hacker news knew. Nobody I know uses X or whatever it's called now, xAI? I'm looking at Musk going bankrupt and as soon as that happens Trump will be Impeached.