Consider the illegality of Ponzi scheme: nobody is forced to participate, investors make idiotic investments, and yet, because of the essentially certain loss of money, it can be regarded as knowingly defrauding the investor.

A Ponzi scheme lies about the source of returns. WeWork is not lying about any financials. WeWork is not a Ponzi scheme and you know it.

My assumption is these investors know what they’re doing. So they’ve structured things to sell a bag to the public, arbitraging the difference between reality and regulatory requirements/what is documented generally.

A conversation about fraud often litigates whether or not omission is a form of lying.

What did they omit that constitutes a lie in your opinion?