When does one start feeling sorry for Byjus?

https://thearcweb.com/article/byju-raveendran-1-billion-agm-8SWZHKi0REGjA6g4

- Byju's, once valued at $22 billion, faces insolvency proceedings, likely forcing thousands of employees to quit and shutting down services. - The company, backed by investors like Prosus and General Atlantic, has faced job cuts, valuation collapse, and investor disputes over corporate governance. - An Indian tribunal triggered insolvency after a $19 million payment dispute with the cricket board, freezing Byju's assets and suspending its board. - Vendors may default, leading to a total shutdown of Byju's online platforms, according to CEO Byju Raveendran's court appeal. - Byju's, with 27,000 employees, became popular during the pandemic for online courses and in-person coaching; the court will hear the case on Monday. Source: Reuters

Absolutely crazy stuff. To summarize what I read: 1) Byju's apparently transferred $533Mn to Camshaft Capital - a random hedge fund in Miami that was started by a 23 year old, with barely any investing experience. 2) This hedge fund is run out of a building that has an iHOP (yes the food chain). When asked about the whereabouts, nobody even recognizes if the fund actually exists there 3) This fund typically accepts only upto $50Mn. How come Byju's transferred $533Mn to them? 4) 2023 Ferrari Roma, a 2020 Lamborghini Huracán EVO, and a 2014 Rolls-Royce Wraith -> All registered on this fund's papers 5) Now, Byju's lenders have filed a case against Camshaft in the US. Link to original article: https://www.bloomberg.com/news/articles/2023-09-12/byju-s-hid-533-million-in-hedge-fund-camshaft-run-from-miami-ihop-lenders-say#xj4y7vzkg

"BYJU’S grew considerably since our first investment in 2018, but, over time, its reporting and governance structures did not evolve sufficiently for a company of that scale. Despite repeated efforts from our Director, executive leadership at BYJU’S regularly disregarded advice and recommendations relating to strategic, operational, legal, and corporate governance matters. The decision for our Director to step down from the BYJU’S Board was taken after it became clear that he was unable to fulfil his fiduciary duty to serve the long-term interests of the Company and its stakeholders." https://techcrunch.com/2023/07/24/prosus-questions-byjus-governance-says-indian-edtech-regularly-disregarded-advice/?tpcc=tcplustwitter

The BYJU's air is really bad now.

First the audit report got delayed. Now they’ve reported a loss of over 4.5k cr. And I believe they’re like a mothership of edtech, if they gone down then the entire category goes down from an investment perspective