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Klarna Stock Dives Below IPO Price Amid Fintech Selloff
Klarna Stock Dives Below IPO Price Amid Fintech Selloff
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BTCCSquare news:
Klarna's shares plunged below their $40 IPO price for the first time on Friday, touching a low of $38.31 before recovering slightly to $39.37. The buy-now-pay-later pioneer now trades nearly 15% below its debut closing price, starkly underperforming the S&P 500's 1.3% gain over the same period.
The selloff mirrors broader weakness in fintech stocks, with Affirm and Block also declining. Federal Reserve Chair Jerome Powell's warning about "fairly highly valued" equity markets triggered the sector-wide retreat. Despite the downturn, Klarna's new card attracted over 1 million U.S. users within 11 weeks of its July launch.
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