Top Highlights

• These concerns raise questions like: What makes a modern tech company? Why do these companies achieve such lofty valuations? Does WeWork meet those qualifications? And are the concerns over WeWork’s valuation warranted
• Here’s what, in our view, a modern tech company is — and why WeWork isn’t one.
• In our opinion, a successful modern tech company can transform whole industries, achieve expansion of scale and scope at breakneck speeds, and make enormous profits, without requiring significant capital investments
• It typically has most, if not all, of these five features:
• Low variable costs. Google, Airbnb, Yelp, Uber, Twitter, and Facebook have scalable virtual models that can be exponentially magnified overnight with little additional costs. So, an additional dollar of revenues comes without commensurate expenses

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