Nov
19
For Its I.P.O., Square Scales Back Valuation by $3 Billion
By
Jack Dorsey, the chief executive of Square and the co-founder and C.E.O. of Twitter.CreditBryan Thomas for The New York Times
The long-running gold rush into hot technology start-ups showed signs of faltering on Wednesday, as a much-anticipated market debut had to scale back its ambitions.
Square — valued in a private financing last year at $6 billion — priced its initial public offering at a level that gave the payments company a valuation of $2.9 billion. The difference between the two may be seen as a sign that the market for venture-backed companies has reached too high…
For Its I.P.O., Square Scales Back Valuation by $3 Billion
