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Massive amounts of venture capital, much of it flowing directly from Masa and the Vision Fund, were flooding into everything from scooters to food delivery to all-you-can-watch movies. The money was being funneled to consumers, who were happy to receive heavily subsidized services, while Bird and DoorDash and MoviePass all burned cash to acquire customers, hoping that one day they could charge full price. For businesses without Warren Buffett’s “moat” protecting them, a new model existed: “capital as a moat.
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Reeves Wiedeman (Billion Dollar Loser: The Epic Rise and Spectacular Fall of Adam Neumann and WeWork)