Neither and New Follow-Up, Adam Neumann Forced Out, Peloton IPOs

Why Neither/New companies are different than traditional marketplaces, how Vision Fund’s flaws led to Adam Neumann being forced out, and why Peloton has a big opportunity it might not see.

WeWork Delays IPO, Datadog Prices IPO, SoftBank and Going Big

WeWork abandons its IPO, for now, and is likely at the mercy of Softbank. Then, why Datadog is set to have a great IPO, in direct counter to WeWork and a direct rebuke to Softbank’s approach.

Tech Companies and Hardware, The Cost of Low Margins

Software-differentiated hardware companies are tech companies, but be careful about low margins leading to a destructive cycle where marketing costs drown a company.

What Is a Tech Company?

The question of “What is a tech company” comes down to how much software and its unique characteristics affects the company’s core business.

The WeWork IPO

The WeWork IPO is defined by audaciousness and excess, all of which is driven by unlimited access to capital.

WeWork Now Worth $16 Billion, Google Joins Open Compute Project

My attempt last summer to justify WeWork’s $10 billion valuation is looking pretty good, but I’m not sure I can pull off the trick for $16 billion. Plus, the brilliant strategy of Facebook’s Open Compute Project

WeWork and Bubble Talk, Uber’s Losses, Microsoft Exits Consumer Space

A bit of follow-up from yesterday’s post on WeWork, and a broader discussion about the ongoing bubble talk and the squeeze on VC. Then a discussion on Uber’s losses and why no one should be surprised, and finally the end of Microsoft’s consumer business.

WeWork Worth $10 Billion, Three WeWork Comps

WeWork has shocked almost everyone by raising money at a $10 billion valuation, just months after raising at $5 billion. How on earth does this make sense? The answer might be found by making comparisons between WeWork and three seemingly unrelated companies. In the end, though, absent real numbers we can only look at the investors.