As reported by CNBC, initial IPOs for several tech stocks including Robinhood and electric truck maker Rivian have tanked by as much as 70 percent, and it looks like they are not going to return to those highs anytime soon:
Tech stocks have gotten hammered across the board in 2022. The downdraft has been particularly brutal for companies that held their market debuts in 2021.
Of 53 tech-related companies tracked by CNBC that went public last year through an IPO or direct listing, all but three are now trading below their offer price (for IPOs) or opening price (for direct listings).
More than half have tumbled by at least 50%. That includes some of the most notable names, such as trading apps Coinbase and Robinhood, electric car maker Rivian, cloud software vendor UiPath and fin-tech companies Marqeta and Toast. They’ve all lost over 60% of their value.
Late last year, as it become obvious that Bidenflation was not going to be "transitory," which is what the administration's liars said throughout Biden's first year in office, tech stocks began their sell-off. Soaring inflation and additional concerns about rising interest rates -- which is also happening, by the way -- led investors out of the riskiest of stock assets that also had the highest multiples.
The sell-off only got worse after Russia invaded Ukraine in late February, nearing panic-selling turf by late last week after the markets took in comments from the Federal Reserve and another half-percent increase to the benchmark interest rate.
"IPOs are the last thing investors want to touch at the moment. The market for new issues has been dry throughout the first months of this year, and nothing notable is on the tech IPO calendar for the ..." coming weeks, the report continued.
Worse, companies that were looking at launching their own IPO in 2022 have changed their minds and are not about to take that on under present market conditions. Most of those firms raided venture financing at valuations reflecting where the market has been over the past couple of years -- that is, when Donald Trump was president and the markets, and our economy, were both on fire.
"Going public today would require a complete revaluation of their business and leave many late-stage investors and employees with out-of-money stock," CNBC reported.
Also, this rush to force Americans into expensive electric vehicles includes purposely driving up the price of oil -- which is leading to the highest gas and diesel prices since Biden's running mate, Barack Obama, was president.
The objective, of course, is to restrain Americans from being mobile because being mobile means being independent. Purposefully jacking up the prices of everything from gas to electricity to food and clothing and housing also puts a massive strain on household budgets.
All of this comes at a time during the year when Americans were thinking about taking vacations and spending money elsewhere in the economy -- something that fewer and fewer people will do.
Finally, the push for electric vehicles is also aimed at restricting movement since there are few electric vehicle 'recharging' stations and EV cars and trucks only have a range of fewer than 300 miles.
The Great Reset has begun and it involves tanking our economy. If you voted for Joe Biden and his party, you voted for what is happening.