Roughly a decade of institutional money has now moved through the creator economy. Enough of it has failed that we can stop treating each collapse as idiosyncratic and start reading the pattern.
The pattern is not fraud, and it is rarely incompetence. It is fit. Capital is not neutral. Every dollar arrives attached to a clock, a required outcome, and a governance posture, and most of the damage in this sector has come from financing one layer of the business with the instrument designed for another. READ MORE
