All superheroes have their flaws. Achilles has his heel. Ironman his heart. Superman kryptonite. For today’s corporate crusaders it is hubris.History is littered with tales of the tragic downfall of entrepreneurs who let success breed overconfidence.
This year has seen rather a lot of hubris punished. Take the demise of Sam Bankman-Fried’s cryptocurrency platform, FTX; the chaos descending on Twitter following Elon Musk’s takeover; or Facebook’s Meta-morphosis.
Investors love a superhero. We recognise and value the energy and commitment of founder-entrepreneurs. But we must also understand the risks when handing over our cash to them. Many of the world’s largest technology companies are not as accountable to shareholders as you might think.
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