Editor
In 2017, Michael Moritz, the billionaire venture capitalist, sent a note to a potential investor about what he described as an unusual opportunity: a chance to invest in the creation of a new California city.
The site was in a corner of the San Francisco Bay Area where land was cheap. Mr. Moritz and others had dreams of transforming tens of thousands of acres into a bustling metropolis that, according to the pitch, could generate thousands of…
