What went on inside SoftBank-backed Fair as it burned through cash a?? plus fresh proptech funding and JPMorgan's new VC coverage group

Hello readers,
SoftBank is in a "rough sea" — or at least, that's how its CEO, Masayoshi Son, describes it.
That may be putting it lightly. SoftBank Group this week reported a $6.4 billion quarterly operating loss thanks to massive writedowns on WeWork, Uber, and other investments by SoftBank and its Vision Fund.
And as we're reporting, the factors creating this storm are not unique to the high-profile IPO implosion (and subsequent bailout) at WeWork. Just this morning, we published a deep dive from Meghan Morris into Fair, the auto rental startup that raised $385 million in a December Series B round led by SoftBank's Vision Fund.
Meghan talked to company insiders who told us how Fair's breakneck growth meant it lost track of millions of dollars in inventory as it burned through funding. And speaking of rough seas, insiders told us that Fair's co-founder and now ex-CEO often used sailing analogies to explain his vision.
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