It was fun while it lasted, but after years of sky-high valuations, Silicon Valley is engulfed in its worst sell-off since the 2008 stock market crash.
After a pandemic-fueled boom sent tech names soaring, many of those businesses have seen the worst six months of their lives as publicly traded companies. Peloton, the exercise startup, is emblematic of this ominous reality: Its shares have cratered from a high of $163 at the end of 2020 to about $17. On Thursday, The Wall Street Journal reported company executives were looking to sell a minority stake to an outside investor.