I mean it’s the Walmart model; be cheap early, get less cheap over time. My 5,000 foot philosophical take is because they were never making money in a day to day business way and relying on low interest rates to inflate values through money shuffling schemes to game attention. Over time models made it apparent they would never make long term business sense as software improved and automation took over, so it’s a medi…
Is that the "Walmart model"? Out of curiosity, I just checked their financial statements. For FY 2022, they had a gross profit margin of 25.1%. In comparison, for FY 1986 (the oldest year I have easy access to), they had a gross profit margin of 25.9%. That hardly seems to fit the pattern.
Millions to billions in this case.
Don’t forget to add in the cost of social programs their employees rely on given the abysmal pay in order to keep your numbers down.