, Columnist
The Unicorn Age Is Suddenly Much Less Magical
Investors now want boring things like “profits” and “governance.”
Sometimes that unicorn turns out to be just a donkey with a plastic horn.
Photographer: PEDRO PARDO/AFP/Getty Images
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Way back in September, in those halcyon days when it still seemed WeWork might have an IPO, we wrote about how fun, unicorn-y attributes — Underpants Gnome business model! God Emperor of Dune powers to the founder! — were losing cachet with investors. Turns out we understated it.