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The funniest part is that most of that cash just gets burned

It's like some kind of karmic justice.

Not burned, but transferred to Silicon Valley landlords!

Many of those landlords happen to be offshore billionaires, in some cases organizations like the Saudi sovereign wealth fund.

So basically zero risk for these guys?

If you are SA, the risk that softbank will need to issue you a middleman with no ethics to manage your real estate is 100%.