Two years ago, WeWork’s IPO was aborted, and the company was put on SoftBank life-support. Things changed yesterday. WeWork took its first steps in the public markets, opening at $9.5 billion, which is a fifth of its 2019 valuation. Sanity restored.

The stock’s doing well. It closed up 13.5%, which is an especially nice gift to Adam Neumann, whose 11% ownership is now worth more than $1 billion. He celebrated in standard douchebaggery: spraying champagne at the Standard Hotel in a shirt that read “Student for Life.” It took the greatest catastrophe in IPO history for Neumann to realize he’s not fit to teach. READ MORE