The synopsis of all the coverage was: "How could they have spent all that money? And how could the investors have been so STUPID?"
My friend Fred Destin wrote a great essay on this[1], and I'll do the horrid thing of quoting my own note to him in reply:
> It’s analogous to a soccer fan questioning the manager’s decision to put player X on the field instead of Y. The manager sees both players on the training ground for hours every day, knows their mood, talks to them, understands how they respond to different situations, and consults his coaches. Then the matchgoing fan sees 90 minutes of output on Saturday and makes a judgement with <1% of the data a manager has.
> Past a certain point in fundraising and traction, it’s impossible to believe that a startup failing is anything more interesting than a combination of poorer-than-expected execution, and bets not paying off.
[1] https://medium.com/tech-london/hey-yplan-how-do-you-dare-go-...