Still more amazing to me is that he got a16z to invest 350 million into his new real estate debacle just after all this. This dude must really be a master hypnotist or something.
I've been around a few of these people in my life (albeit not nearly as successful). One guy in particular got people to invest millions in his sinking ships. Some people have a reality distortion field around them. Pair that with a half decent pedigree (school, neighborhood, city) and while money was cheap it was fairly easy for them to get whatever they wanted.
It's sometimes surprising how shocking simply knowing people is.
If you think the goal of investing in these companies it to be ultimately profitable and make huge earnings, investing in successful con men doesn’t make any sense. If you think the goal is to cash out by dumping the company on a bigger sucker (or even better, retail investors) then obviously you’re going to seek out the biggest huckster. Look at what investment funds do, not what they say.
It's sometimes surprising how shocking simply knowing people is.