By Matt Levine
A company will also have some set of social relationships and office space and letterhead and chairs and stuff, and it might be wasteful for the company to just go away while some other new company — with some new, currently more valuable expertise — has to build up those things all over again. Maybe the old company should pivot into doing the new thing, or maybe it should acquire the new company to give it the new-thing expertise, etc. These are obviously fact-dependent questions. Some companies can do new things or integrate acquisitions well; others can gracefully decline.