Party’s Over: Tech IPOs Collapse on Wall Street
The tech sector is no longer the hottest place to be on the stock market. Initial public offerings (IPOs) have plummeted in tech in 2015, putting the sector behind health care and financial companies.
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Stock Crash Would Create Budget Crisis for California
With the “one percent” paying more than 50 percent of state taxes, a sustained stock market crash would shrivel California’s “one-time” capital gains taxes and throw the Golden State back into a financial crisis.
Virally Competitive Fitbit Goes Public at $4 Billion Valuation
If Robin Leach visited the headquarters of Fibit, Inc. in San Francisco today, it would be all “champagne wishes and caviar dreams” as the leading wearable fitness tracker raised $793.5 million at a stunning valuation of $4.1 billion in the largest initial public offering (IPO) by any consumer electronics company in history.
Blue Bottle Coffee Takes a $70 million Shot of VC Cash
The Blue Bottle Coffee, the Bay Area foodies’ favorite coffee house, merged with the Tartine Bakery and Café in April. Now, the combined artisan food company has raised $70 million in venture capital to be the “next big thing.”
Silicon Valley Job Growth at Highest Level Since Dot-com Bubble Burst
California’s Employment Development Department (EDD) announced that job growth in tech-strong Santa Clara County, a.k.a. Silicon Valley, hit 5.2 percent in February. Employment growth is now at the highest point since the Dot-com Bubble in 2001.
Snapchat Goes for a $500 Million Slurp at the V.C. Trough
Although the ink is barely dry on the $485.6 million venture capital funding for Snapchat that valued the company at about $10 billion, Bloomberg reports that Snapchat is looking to raise another $500 million at a valuation of up to $19 billion. That would make the messaging platform the third-most-valuable venture startup on the planet, just behind Xiaomi and Uber. It also would value the company at 92.5% of what was considered a jaw-dropping value of $22 billion paid by Facebook to buy WhatsApp.
