Assets, mind share, etc. All the things that get sold off in bankruptcy proceedings.
A railroad company also has a huge amount of steel roads with cross country right of ways. You could fire everyone, and it'd still be extremely valuable. It might even be more valuable.
Even in asset-lite software land, "Atari" the name still has a lot of value, even though none of the people are there anymore. They own the right to control the things that the neurons in millions or billions of people's brains are tied to, that their habits tie them to.
Twitter, you can fire almost everyone, make the online square less pleasant for a lot of the people, the network effects truck on. People continue to use it even as they hate using it, because most everyone else is.
A railroad company also has a huge amount of steel roads with cross country right of ways. You could fire everyone, and it'd still be extremely valuable. It might even be more valuable.
Even in asset-lite software land, "Atari" the name still has a lot of value, even though none of the people are there anymore. They own the right to control the things that the neurons in millions or billions of people's brains are tied to, that their habits tie them to.
Twitter, you can fire almost everyone, make the online square less pleasant for a lot of the people, the network effects truck on. People continue to use it even as they hate using it, because most everyone else is.