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Doomed Planet

Sep 13, 2023

#102: Gig economy food delivery startup Instacart has finally filed for an initial public offering. Sales peaked during the pandemic and are now flat, with little realistic growth on the horizon. An exploitative business model continues to harm the company's image and alienate employees. Formidable competitors have emerged, and relationships with supermarket corporations are tenuous. The founders and their venture capitalist sponsors will cash out, but not at the levels they dreamed of even a year ago. The Instacart I.P.O. will be a disaster for the drivers too - they get nothing.