Matt Levine, Columnist

Square Turns the IPO Corner

For a moment it looked like investors in a unicorn might lose money.

November 19, 2015 at 6:33 PM UTC

Corrected

November 20, 2015 at 7:56 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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The initial public offering of Square was supposed to be a sign of doom for unicorns, a proof that you can't make money investing in pre-IPO tech companies any more. On the other hand, here is how much money Square's investors have actually made, by funding round:

Those are paper profits, based on Square's $9 per share initial public offering price, and on a $13.50 per share trading price as of about 11 a.m.1447956115975 Here they are in table form: