Last year saw a record number of Bay Area companies go public. The stock prices of the vast majority of them have performed poorly since. Here's how badly the worst of that group has done.
Last year was the best of times for Bay Area companies when it came to the number heading to Wall Street.
Of the record class of more than 90 local companies that went public last year, more than half have seen their stock prices fall by at least 70%. Among those is a company that filed for bankruptcy, effectively wiping out its shareholders. It's no surprise that the Bay Area's newly public companies have seen their stock prices plunge, market experts say. The flood of money going into the markets last year boosted the prices of new shares to"unsustainable levels," said Avery Spear, a senior data analyst Renaissance Capital.
Thirty of the 47 stocks in the photo gallery attached to this story were valued at $1 billion or more in 2021. Only six are at that level now. More than $200 billion in their collective market cap has been erased.
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