according to "the economist" reports from technology companies recently gathered elite film "big short" watch the preview in a downtown San Francisco cinema.
the film is adapted from Michael · the best-selling book of the same name in, is expected to be released in December. The film tells the story of a small figure of several Wall Street in the United States in 2007 before the credit storm through the housing bubble in the illusion, all the people think that real estate prices will continue rising, they predicted that the U.S. real estate market will collapse. Here, you must already know the outcome of the story, this is a small figure by the subprime crisis fortune story.
The presence of
some of the audience may feel uneasy, because this movie reminds people, things will turn to comedy. Technology companies, of course, are unlikely to have a full collapse of the housing crisis, but there are also some companies yesterday brought us full of promise and hope, and now has begun to show signs of cooling.
, for example, non listed technology company valuations more than half a year ago showed slower growth. In November 24th, Amazon’s competitors Jet announced it has raised $three hundred and fifty million in capital (the company reached $1 billion 500 million valuation), to a loss of start-up companies, this is a big number, but compared to people first give expectations this figure is slightly lower. Recently, the rapid growth of the Internet real estate leasing company Airbnb, into the $100 million of funds, but it is reported that its valuation did not rise further, but maintained at the level of $25 billion. Mainly engaged in private equity investment company Horsely Bridge Fred Giuffrida think that in the past six to eight months, the company later stage financing valuation has dropped by 25%, and the completion of each round of financing takes a longer time.
in the past quarter, several mutual fund, including fidelity has begun to gradually reduce their holdings in unlisted shares valuation technology. The fidelity will cloud storage company Dropbox value decreased 20%, the Snapchat valuation of the shares was reduced by 25%, the Zenefits (software) and MongoDB (database) the valuation of the shares were reduced by 50%. These companies are Unicorn level, that is, the company has not yet listed, but the valuation has reached $1 billion. These are regarded as the most promising startups. (Zenefits has a market capitalisation of $4 billion 500 million after a new round of financing in May).
mutual fund will not explain the decline in the market value of these companies, but it is certain that these unicorns did not meet their expected growth targets. The stock market change unpredictably may be one of the reasons for investors in the valuation of the non-listed company, tend to compare similar listed companies. A Vc firm partner said, "yes"