Despite an era where consumers have adopted more technology than ever before through work-from-home schedules, cryptocurrencies, and exciting new technologies, in recent months, many tech stocks are experiencing sharp declines.
According to the New York Times, “Share prices of some unicorn start-ups have fallen as much as 44 percent in recent months.”
Take a look at some of the top companies whose tech stocks are experiencing sharp declines:
- Apple: Down 15%
- Airbnb: Down 28%
- Netflix: Lost half its value since mid-April
Even novel tech companies offering a product many seem to want, Bitcoin, rose to $68,000.00 in November, but now, it’s fallen to $28,600.00.
So, why are many unicorn tech companies and giants of the industry experiencing sharp declines? Phil Haslett of EquityZen says, “The number of people and groups trying to unload their start-up shares doubled in the first three months of the year from late last year.” He also added, “It’s the first sustained pullback in the market that people have seen in legitimately 10 years.”
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Kristen Burgess is the Marketing Specialist at Alliance of Professionals & Consultants, Inc. She has five years’ experience in curating content for digital platforms, social media contributions, and supporting marketing campaigns and strategies. Before joining the APC wolfpack, she worked in digital marketing for software as a service, giving her keen insight into the types of professionals APC hires today. In addition, she likes to stay up-to-date on the most relevant trends within the technology industry through thought-provoking podcasts and newsletters while paying attention to industry leaders’ trends. In her spare time, she serves on the Management Team and helps craft communications for the Junior League of Durham and Orange Counties.