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Shares of e-commerce firm Wish fall in US market debut
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Snowflake Sees $20 Billion Wipeout in Week as Lockup Expires
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Article content
Snowflake Inc. extended a three-day slump after the expiration of a lockup that restricted company insiders from selling shares.
The stock fell as much as 7.8 per cent to US$303.54 on Tuesday before recovering much of the losses as insiders had their first opportunity to cash out on gains since the company went public in September. Snowflake has declined about 17 per cent since closing at a record a week ago, erasing nearly US$20 billion in market value.
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Snowflake shares extend slump ahead of lockup expiration
Jeran Wittenstein, Bloomberg News
Snowflake Inc. shares slumped ahead of a lockup expiration on Tuesday that will give company insiders their first chance to cash out since the initial public offering three months ago.
Shares of the cloud-computing company have nearly tripled since Sept. 15 with investors becoming enamored with its triple-digit revenue growth and potential to expand market share. Thatâs made Snowflake the best performing U.S. company to debut this year, excluding IPOs that raised less than US$1 billion, according to data compiled by Bloomberg. The stock has fallen in three of the last four trading days since closing at a record US$390 on Dec. 8 and more declines could be in the offing if insiders are tempted to cash in.
Data Warehouse as a Service Market 2020 Research Study including Growth Factors, Types and Application to 2023
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