Can wish be compared to gopro or fitbit ?
Gopro/fitbit had crazy ipo price and it went down gradually and never recovered. Bag holders lost money /washed out.
Or could wish be like snap, redfin which had rough time for years and then recovered really well ?
I know it is very speculative and no one can predict future.. but going on fundamentals , they are taking steps to change things.. many execs including CEO has changed.
Digging in history .. idea was great.. they wanted to be an online marketplace to as a competitor for craigslist, ebay and amzn too believed it to be one of good companies. It was started by google engineer and had growing number of users for few years. I feel founding team was good and was executing.
But product turned out to be shitty. How is it that VCs did not recognize it and dumped so much money into it ? There could be many such things that i dont know which have gone wrong.right now valuation is less than its funding and ps ratio is roughly 1 with no debt etc.
I am a bag holder. What lessons can we learn from this and avoid such mistakes in future ? How can we recognize bad stocks in beginning and not invest or stop DCA and just accept loss. DCA is worst because DCA increases loss(in this case) than doing anything good. Can nextdoor/kind turn out to be wish ? product does not seem to be shitty at least.
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And before alibaba disaster, alibaba was considered a good growth company and comparable to amazon. it too sells things from china but so many people use it. so wish is not only company that does china based things.
- First, run ads showing outrageously low prices to get people onto the site.
- Next, recommend to and get these people to buy your ‘awesome’ products, that would undoubtably disappoint (cue r/WTFWish) leading them to never buy from you again.
- Finally, use the money made in the above to run even more ads. Rinse and repeat.
You can do this for months, even years, amassing more and more users and revenue… until one day all the people that can ever be fooled have already been fooled...
looks very shady. and scandal.
how is morale of employees ? looks like insider selling going on ..
how did VC even not catch this ? normally they do some testing of product or ask for reports , customer satisfication ? or all initial growth numbers were fake ?
https://en.wikipedia.org/wiki/Wish_(platform)
As of 2019, Wish was the third-biggest e-commerce marketplace in the United States by sales.[1] In August 2019, ContextLogic received a Series H funding round, led by equity firm General Atlantic, taking the company's valuation to $11.2 billion.[9] JD.com is an investor in Wish.[10] ContextLogic went public via an IPO in 2020.
https://en.wikipedia.org/wiki/Piotr_Szulczewski
Szulczewski states that with Wish.com his primary aim is to create "the largest, most convenient and most affordable shopping mall in the world" and to target low-income households.[4] By 2016 Wish.com had over 5 million daily visitors.[5]
It is a garbage company but I have been doing very speculative investments
Amid its leadership turnaround, Wish's parent company, ContextLogic Inc., announced that its founder Piotr Szulczewski will step down .Before founding the company and becoming its CEO in 2010, Szulczewski held multiple roles at Google, per the company press release.