Posted by @ericwhiteback on Twitter…yes, this is probably the biggest L we will see for quite a while.
Time and time again venture capitalists enter hot markets at the peak of their hotness and drop unprecedentedly stupid sums of money for questionable purposes…this was one of them. This was like investing money into a startup that ultimately folded…except…it’s a pair of shoes and not a group of founders 😂
If you remember - a startup purchased this pair with a *not insignificant* chunk of their funding allocation for (likely) the purpose of marketing. Anyone with half a brain, at the time, could tell you how idiotic of a purchase this was ($1.8m 😂) and how it would likely turn out. I don’t think Ye’s fall from grace has anything to do with the massive L that’s about to occur, but more just a downturn in stupid-ass-spending.
That being said - could you imagine the $65k bidder even paying for these? I can’t even get @ebay users to pay for the $10 items they send offers on 😂
I hope this one turns into a lesson, but there are no bounds to the stupidity of these VCs…