Almost three years after the WeWork scandal, however, a real reckoning could be in the offing, as the financial conditions that helped facilitate the startup boom begin to vanish. Grocery delivery startup Instacart, one of most valuable private firms in the world, confidentially filed for an initial public offering this week. Instacart revised its valuation from its peak of $39 billion down to about $24 billion in March, citing recent market turbulence. CEO Masayoshi Son poured billions of dollars into startups in recent years, making him the most prominent tech investor in the world. Coinbase, the most prominent publicly traded crypto company, was up 16% in premarket trading Friday after skidding 44% earlier in the week.

Source: CNN May 13, 2022 18:49 UTC