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...on around $100B of capital raised. i.e., -39%. Poof! So far. -- For those here who don't know, Masayoshi Son almost lost everything in the dotcom bust of 2000-2002. A single investment saved him from ruin back then: Alibaba. Was that luck or skill? In hindsight, it looks a lot like luck to me. Either way, he's clearly a bet-the-farm-and-actually-can-lose-the-farm kind of guy.
Earlier quoted context omitted.
> to siphon money from the poor and middle class and deposit it into the bank accounts of the wealthy by utilizing the equity the poor and middle class have in their vehicles What poor and middle class assets does SoftBank manage? (EDIT: Nvm. I misread “vehicle” as an investment vehicle.)
He meant Uber. Uber is siphoning residual equity in people's vehicles into cash for Uber by underpaying for depreciation.
I think that depends on how much you paid for the car and how long it will last (depends on quality, how good the maintenance is, and luck). Also, cash pays the rent and lower depreciation doesn't (unless you sell the car), so some people may prefer this to borrowing money.
Their massive early investment in Uber distorted their reality and they expected ride sharing to be incredibly successful in other markets when it's not even successful in the USA - it's a fraud that pays below minimum wage off the backs of people who cannot do math. It has never made money anywhere ... ARM has had a laziness problem ever since the Apple A1 chip - there's a reason why nobody uses their 6-yr old layou…
It's basically an inefficient, but effective way to siphon money from the poor and middle class and deposit it into the bank accounts of the wealthy by utilizing the equity the poor and middle class have in their vehicles.
Who gets rich on Uber and similar apps are all the programmers that visit this website, we make good money on all those schemes. We get paid really well. We are who really gets the best deal in all this.
(Now I need to hide away before the flying shoes hit me.)
> Yoshimitsu Goto, the tech conglomerate’s chief financial officer, said on Thursday that the company would not miss opportunities to invest in new technology such as ChatGPT, but cautioned that it was not ready to accelerate its deal activity. Apparently Saudi Crown Prince Mohammed bin Salman didn't read the classic essay: "Goto considered harmful" before making massive investments in SoftBank.
My favourite conspiracy theory lately is that the Saudis needed to increase the oil price to recover losses from their VC investments.
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I do wonder if ARMs business model works long term. Imagination Technologies crashed the exact same way.
They'll have Apple's (likely immense) license fees for at least a decade - Apple won't make another architecture change anytime soon. And the rest of ARM's business... it's not like there are any alternatives. China hasn't managed to create a competitor, and even if they do it may very well be sanctioned and so useless to the US and EU. Intel/AMD's x86 is a dead end for the high-efficiency, low power market that ARM…
Earlier quoted context omitted.
He meant Uber. Uber is siphoning residual equity in people's vehicles into cash for Uber by underpaying for depreciation.
Well said. Would like to see an economic / accountant analysis of this.
Their massive early investment in Uber distorted their reality and they expected ride sharing to be incredibly successful in other markets when it's not even successful in the USA - it's a fraud that pays below minimum wage off the backs of people who cannot do math. It has never made money anywhere ... ARM has had a laziness problem ever since the Apple A1 chip - there's a reason why nobody uses their 6-yr old layou…
...on around $100B of capital raised. i.e., -39%. Poof! So far. -- For those here who don't know, Masayoshi Son almost lost everything in the dotcom bust of 2000-2002. A single investment saved him from ruin back then: Alibaba. Was that luck or skill? In hindsight, it looks a lot like luck to me. Either way, he's clearly a bet-the-farm-and-actually-can-lose-the-farm kind of guy.
I know what you mean by "bet the farm" but let's remember that he won't ever go hungry or be homeless.
SoftBank is a meme at this point but I'd imagine most VCs are down on paper as well, rising interest rates crushed the valuation of pretty much every startup