Everything everywhere all at once.

• Crypto currencies are tumbling and stable coins are looking far less stable. Bloomberg declared that more than $200 billion in crypto wealth had been destroyed in the crash. Coinbase’s stock price has fallen 77% so far this year.
• Many companies that went public via SPACs are in trouble. Some biotech companies are trading at market capitalizations worth less than their cash holdings. Goldman Sachs is halting its work with SPACs as the Securities and Exchange Commission is (predictably) cracking down.
• Tech stocks are falling across the board. The NASDAQ Composite is down 7% over five days and off 28% year-to-date. Even stalwart Apple has seen its market cap cut by more than one-fifth so far this year. Snowflake, a growth investor favorite, is down 58%.

With many of the most speculative pieces of the technology sector in retreat, it’s only fitting that the investors who bet the farm on high-growth tech stocks are suffering disproportionately.

In the bull market, SoftBank and Tiger Global became infamous for driving up valuations. Now they’re reaping what they sowed.

https://www.newcomer.co/p/tiger-global-and-softbank-bet-the?s=r