The party’s ending: Silicon Valley braces for a new era of financial and political upheaval

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.

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

“Investor sentiment in Silicon Valley is the most negative since the dot-com crash,” David Sacks, a venture capitalist in San Francisco and a former PayPal executive, said this week in a tweet, referring to the turbulent days of the early 2000s. 

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