Jasper Wang’s Unvarnished Truth

Worker ownership is exciting. It’s also not, he says, a “panacea.”

Annual reports are generally pretty boring documents, bogged down with numbers taken out of context and marketing-speak about “thriving in the face of unprecedented challenges.”

Not Jasper Wang’s. At the end of 2025, the cofounder and vice president of revenue and operations at Defector—the pioneering worker-owned sports site that grew from the ashes of Deadspin—managed to reinvent the genre, writing a riveting six-thousand-something first-person words containing not only full transparency on the company’s revenue and costs, but also a meditation on the past, present, and future of worker-owned co-ops. “When Defector staffers speak to journalists interested in starting their own publications, with some frequency we sense that they are naively imagining worker ownership as a panacea to the ills of their previous workplaces, and treating meaningful subscription revenue as a foregone conclusion,” he wrote. “But the truth is that launching your own business is hard, and much harder today than it was five years ago.”