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Wall Street pokes at start-up bubble as IPO dreams fizzle out

Billionaire Silicon Valley investors, sneaker-clad founders and button-down bankers all expected enormous stock sales to turn companies like Uber, Lyft into a new generation of corporate giants

Photo: Bloomberg
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Photo: Bloomberg

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This was supposed to be the year when the US’ biggest start-ups would finally make their triumphant debut on the stock market. Billionaire Silicon Valley investors, sneaker-clad founders and button-down bankers all expected enormous stock sales to turn companies like Uber, Lyft and WeWork into a new generation of corporate giants.

It hasn’t quite turned out that way. Last week, WeWork postponed its planned initial public offering. Uber and Lyft sold shares earlier this year only to see their prices collapse. On Thursday, Peloton joined the list as its shares slumped in their first day of trading. Investors took a look

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First Published: Sep 28 2019 | 10:21 PM IST

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