I don’t even think that is new, it is the oldest play in the book. We see it in crypto and stock IPOs constantly. Sell early tiers of shares to insiders at very discounted rates, dump on the plebs when it is listed on exchanges at several multiples of the price you bought in at that think they are getting a good deal early. You bought shares at 0.25 and it launches at $10 and keeps going down to $5, $2 but you just don’t care because even at the lows you are 4x’ing your money.
People say no value was lost with WeWork but that is very untrue. Hard working, misguided people and funds bought WeWork stock from the SPAC and let Adam Neumann turn lies and smokescreens into real cash. He’s no different than Elizabeth Holmes from Theranos except her lies involved something that can be proved was incorrect since it was medical testing. His real estate ideas were equally wrong and impossible. His net worth is now 2.2 billion.