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Hello friends, I was out yesterday with what I’m calling Moderna Syndrome. I gotby my second vaccine dose, and instead of enjoying a day of eating candy and spoiling my dogs, I spent the entire day . All that’s to
ed Coinbase and DoorDash earnings when they came out.
Catching us up, Coinbase met its forecasts that it had previously released (), and today its stock is flat. DoorDash, in contrast, and is currently up just over 25%, as I write to you.
But despite huge quarters from each, bothall-time highs. Coinbase is worth around $265 per , off from an all-time high of $429.54, which it set recently. And DoorDash is worth $145 this afternoon, far below its $256.09 52-week high.
They are not alone amongst recentthat have lost steam. Many SPAC-led combinations are tanking. But while Coinbase and DoorDash are still richly valued at current levels and worth far more than they were as private companies, some money to float are not doing well, let alone.
As, five electric vehicle companies that SPAC’d their way to the public markets were worth $60 billion at one point. The collection of primarily revenue-free public EV companies has shed “more than $40 billion of combined from their respective peaks.” Youch.
And SPAC hype-man and general investing bon vivant Chamath Palihapitiya are alsofor his deal’s returns. It’s all a bit messy. Which, to be fair, is pretty much what we’ve expected all along. Not that there aren’t some SPAC combinations that make sense. There are. But mostly, it’s been more speculative hype than business substance. Perhaps that’s why Coinbase and DoorDash didn’t . Sure, the market is still figuring out what they are worth, but that doesn’t trouble. But consider, for a moment, the companies that have agreed to go before the correction and are still waiting for their deal to complete.