[…] a dearth of profit this late into its existence portends the lack of a real business model, suggesting it’s still not ready for public company life.

  • @FlexibleToast
    22•11 months ago

    That’s almost every tech company. IPOs are designed to make the rich richer. They get early access which drives sales, others buy into the hype, and the early access people cash out.

    • @ChicoSuave
      12•11 months ago

      The IPO is the venture capital selling their stake to the public. The private investor who footed the bill makes all the money while the person who had the idea and built the product gets whatever the VC let’s them have. An IPO is simply the rich people selling when they have a minimum viable product with a financial return model that isn’t net negative. They don’t care about their investment, just the return.