They've vaporized $600m in cash in the last three quarters. They're running a negative $300m operating loss quarterly. They're barely going to have enough money to safely survive as is for another six quarters (before the pressure gets overwhelming to sell or cut limbs off), much less have enough money to build or buy other properties.

You can't buy much diversification against a $300m operating loss with a few hundred million in cash, that they can currently theoretically spare. They have an extraordinarily mismanaged business and operating cost situation. Calling it wild incompetence wouldn't do it justice.

They have two choices. Slash and burn immediately, all the way down to the core product viability. That should have been done over a year ago when it was obvious the growth was gone and the bleed was going to kill them. Or sell, the sooner the better; now here they are, in a death spiral, having already waited too long to sell.

They have to cut their quarterly cash burn down to sub $50m within four or five quarters to remain viable as an independent company. And by that point, the stock might get cut in half again. This is still a high multiple / bubbly market, if that changes they go from an $8b valuation to a $2b valuation, if they're lucky.

My guess is they effectively become Venice Beach Real Estate and IP Holding Co.

Happens a lot with formerly high flying companies that don't know how to spend their $$ and just buy buildings.

That was partially the objective of the Spectacles. (diversification into hardware)

It didn't go well.