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Hounded by Short Sellers, $6 Billion Tech Unicorn’s ADRs Implode

After a fivefold surge, Yalla is below its IPO price as short sellers question its app numbers. Yalla says the allegations are ‘misleading and unsubstantiated.’

The Yalla app website — Source: www.yalla.live

By

Filipe Pacheco,

Yueqi Yang, and

October 31, 2021, 4:01 AM UTCUpdated onNovember 1, 2021, 12:30 PM UTC

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It was hailed as the first tech unicorn from the United Arab Emirates in its debut on the New York Stock Exchange and touted as the “Clubhouse of the Middle East.”