Inc.’s stock soared as businesses scurrying to shift operations online turned to the e-commerce giant.
“If you’re in your early 20s and you’ve never been in a startup before, on paper, it was like ‘Wow, I can buy a cottage,’ and then all of a sudden that’s gone in a period of months, that can really be head-spinning,” said Chris Albinson, chief executive at Waterloo, Ont. innovation hub Communitech.Stock markets in Canada, U.S. drop after Fed chair warns of further interest hikes
The transition has been jarring for tech workers who grew accustomed to watching the value of their equity rise and their company hiring, funding lavish retreats and offering office perks like catered lunches and foosball tables. Think Research has been considering changing its stock option policy for more than a year because chief executive Sachin Aggarwal feels changes will help the Toronto clinical data company “better defend its marketplace”
Swedish “buy now, pay later” darling Klarna, for example, raised US$800 million earlier this month at a valuation of US$6.7 billion, down around 85 per cent from its US$46 billion valuation last year.
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