Tech Startup’s Wild First Week Won and Lost Founder Billions
- The company stock surged 1,667% in its first day of trading
- CEO Giri Devanur saw billions erased from stake as stock fell
The company’s stock surged 1,667% in its first day of trading after it went public on the Nasdaq.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
The chief executive officer of reAlpha Tech Corp., a small property technology startup, briefly gained billions of dollars in paper wealth during a hot direct-listing debut this week, only to see most of that erased as the stock plunged in the following days.
The Dublin, Ohio-based company’s stock surged a whopping 1,667% in its first day of trading Monday, after it went public via a direct listing on the Nasdaq. Shares began trading at $23.01 — already above the $8 reference price — and closed at $406.67.