Startup and unicorn clarity cometh, just at the price of everything
Alex Wilhelm
8 hours
It’s a nasty day for asset prices.
Around the world, the stock market is selling off. Here in the United States, shares are following suit in early-morning trading. Tech stocks are taking fresh blows, and sentiment among the investing classes has cooled from chilly to frozen as last year’s ebullience gets a long-awaited reality check.
To understand the scale of the pain, let’s use a few stocks as indicators. Coinbase, which saw its value skyrocket to as much as $368.90 per share after its direct listing, kicked off trading today for less than $100 per share. Zoom, whose value soared to $406.48 in the last year, is now worth around $93 per share.
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The value of software shares more generally is no better. The Bessemer Cloud In …
