Rackspace went public on Wednesday, and its stock fell nearly 22% over the course of the day.
Rackspace CEO Kevin Jones says this is a major opportunity because cloud demand is growing during the coronavirus pandemic.Visit Business Insider's homepage for more storiesShares in Rackspace fell just shy of 22% on Wednesday, its first day of trading on its second time out as a public company. But Rackspace CEO Kevin Jones says that regardless of what happened on Wall Street, the company has a major opportunity ahead of it as cloud demand only skyrockets during the coronavirus pandemic.
"We're just excited to reach this milestone, excited to be in public markets," Jones told Business Insider. "Today is day 1. We're not focused on today's stock price, and focused on the resting value over the long term. We're focused on multi-cloud. We're right in the middle of a tectonic shift. I'm not worried about the stock price today. We're really focused on the long run.
"The market was already in the middle of a tectonic shift to multi-cloud," Jones said. "We're still slammed with demands of customers that want to save money because of the pandemic. Cloud helps them do that. A lot of customers have to change their business model. Maybe their business model isn't working as well. Cloud is the best way to do that."
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