Of the more than 50 U.S. tech companies to go public this year through an IPO, SPAC or direct listing, only one of them is less than 20% off its high price.
Of the more than 50 U.S. tech companies to go public this year through an IPO, SPAC or direct listing, only one is less than 20% below its high stock price.Metromile has dropped more than 80% from its peak, while Robinhood is off by about 75%.People wait in line for t-shirts at a pop-up kiosk for the online brokerage Robinhood along Wall Street after the company went public with an IPO earlier in the day on July 29, 2021 in New York City.
The recent downdraft in shares of high-valued, high-growth, money-losing businesses has led to an outsized selloff in companies that hit the market in 2021. CNBC identified 55 tech companies that debuted in the U.S. this year through an IPO, special purpose acquisition company or direct listing. Only one of them —That means the rest are in bear market territory, typically defined as a drop of 20% or more from their peak.
Even worse, 23 of those companies have lost half or more of their value since reaching their highs, including
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