On Wednesday I reported about Riskified, an Israeli hi-tech company that was put on its feet in 2012 with lavish support from the Israeli government only to repay it by announcing that it was moving its base of operation to Portugal, and taking its workers and half a billion dollars with it (State-Incubated Israeli Unicorn Moving to Portugal, Relocating Workers, $500,000,000).
I concluded my report with: “Here’s hoping karma will catch up with them.”
Well, what do you know: this morning, I checked how Riskified was doing on the NY Stock Exchange, and if I were managing your portfolio and discovered you owned Riskified shares, I’d pick up the phone and scream: sell, sell, sell! But I’m not qualified to offer financial advise, I just love watching when they do it on TV.
[To clarify: I’m not providing financial advice, which is something you should get from your broker.]
Riskified arrived on Wall Street in 2021, which was a record year for technology IPOs, 2021. The company was valued at $3.3 billion on the NY Stock Exchange, and in a short time, its stock jumped to a peak that gave Riskified approximately $5.9 billion valuation.
Since then, Riskified’s share has fallen to a lower value than its initial IPO, and this morning it’s about one billion dollars (a 72% drop from the IPO).
As always, you know, karma rhymes with rich.