Some of its bankers had initially pitched the company on a valuation as high as US$40b, one of the people said. Wish noted that PayPal temporarily stopped processing payments on the site in 2014 "as a result of concerns related to products listed on our platform". On the other hand, the company said it had benefited from customers avoiding physical retail stores during the pandemic. Szulczewski will retain majority voting power over Wish through a dual-class share structure, according to the prospectus. Yuri Milner's DST Global and the venture capital firm Formation 8 were the largest outside shareholders in the company.

Source: New Zealand Herald November 22, 2020 20:14 UTC