54
The term unicorn refers to a privately held startup company with a value of over $1 billion. It is commonly used in the venture capital industry.
In case that helps anybody else as much as it did me.
I already knew what that term means and I still had trouble parsing what the headline was talking about.
I thought it was a mff hookup app
In this particular case, you could say that the real unicorns were the human users.
The 1 million real users: Fuck me, I guess?
Internal investigation? They didn't know they set up 19 mln of not accounts? Or maybe someone did it for them?
Probably they knew but they tried to save face by putting up a show.
With no one (and I mean me), and apparently the majority of Gen Z not knowing about it, no wonder they resorted to bots.
But after raising its SoftBank-led $170 million Series C round at a $1.17 billion valuation, the company’s internal troubles became more obvious.
I feel like every time I read one of these stories, there is a note about a huge investment from SoftBank.
Masayoshi Son (founder of Softbank and the legendary Vision Found) was lucky with Alibaba once. His strategy is literally (confirmed by many founders) that if you throw enough money in there (usually in 150mn+), it'll scale and be a unicorn.
Well, what do you think happens if you are a unicorn founder raising maybe 500k-2mn and some oversees fund comes along and gives you 170mn with the only goal of scaling globally.
Launch events here, new market there, private jets, ... Softbank and Son is also known for his lax oversight in his investments and throwing more money at it when they become bankrupt.
Another famous example is WeWork (10bn+ investment by Softbank).
And every story is just exceptionally dumb and easily avoidable.
Source: Experience
Yep, Softbank seems to have a gift for investing in stuff that fails. Kind of sad to see, I heard that it and Masayoshi Son were decent at business at first.
Dead by bots?
this post was submitted on 28 Jun 2023
54 points (100.0% liked)
Technology
124 readers
1 users here now
This magazine is dedicated to discussions on the latest developments, trends, and innovations in the world of technology. Whether you are a tech enthusiast, a developer, or simply curious about the latest gadgets and software, this is the place for you. Here you can share your knowledge, ask questions, and engage in discussions on topics such as artificial intelligence, robotics, cloud computing, cybersecurity, and more. From the impact of technology on society to the ethical considerations of new technologies, this category covers a wide range of topics related to technology. Join the conversation and let's explore the ever-evolving world of technology together!
founded 2 years ago