WeWork became a VC-Unicorn and then lost its luster when investors realized that the company was a financial sieve.
Theranos became a VC-Unicorn that was ostensibly based on a scientific breakthrough from a freshman-dropout without any science background. After raising a pile of capital and being feted by presidents and the Silicon Valley crowd, it turned out that there was no “there” there.
Sam Bankman-Fried is the latest incarnation of the fallen VC-Unicorn. He raised billions from “smart” money, and also from the general public. It seems like Bankman-Fried was a student of W.C. Fields who said: “It’s morally wrong to allow