WeWork released documents this week stating that the company is burning cash, with losses hitting $934 million last year as costs outweighed revenue.

Two years ago, we said WeWork’s valuation was hugely inflated, as one “sliced and diced” floor should not be worth more than the building that hosts it. We predicted that the bubble would burst.

We also predicted in 2017 that WeWork would lose 75% of its value that year. We were wrong, but maybe we spoke too soon. Even if the market is still drunk, this isn’t going to end well.

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