SoftBank-Backed Zymergen Craters by Record After CEO Leaves
- Shares fell 76% Wednesday, erasing $2.7 billion in value
- CEO Hoffman steps down; firm said it won’t have 2020 sales
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Zymergen Inc. plunged Wednesday after the synthetic biology company’s founder and chief executive officer quit with future revenue in question.
Shares of the firm tumbled 76%, erasing about $2.7 billion in market value, after Josh Hoffman stepped down Tuesday as the company revealed it would have no sales this year and any revenue next year would likely be “immaterial.”