WeWork

WeWork is the most overhyped startup ever, once valued at $47 billion as a "tech company" subleasing office space. By 2019, it burned through $2 billion annually, and its disastrous S-1 filing revealed massive losses and governance issues. The company eventually went public at a 90% discount to its peak valuation, a collapse far steeper than #2 Theranos's fall from grace. In fact, WeWork's peak valuation was more than five times Theranos's $9 billion peak, yet it delivered no proprietary technology.