By Eliot Brown Close Eliot Brown and Maureen Farrell Close Maureen Farrell Updated Dec. 13, 2020 12:09 pm ET A frenzy has hit the market for newly listed tech stocks.
The result has been that the market capitalizations of many money-losing upstarts have become larger than giant, highly profitable stalwarts of corporate America. The valuations imply investors are counting on years of continued rapid growth by these companies, hoping some will dominate their industries and churn out large profits, Mr. Ritter said.
Uber Technologies Inc., once the country’s most valuable startup, had a disappointing public debut in 2019 at a lower share price than its private investors assigned it years earlier. WeWork Cos. ended up pulling its planned IPO after potential investors were repelled by details about the company’s finances and corporate governance that were revealed in the lead-up to its expected listing. Its private valuation fell by $39 billion, to $8 billion.
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