The world’s largest professional networking site, LinkedIn, bore the brunt of the Monday mayhem on Wall Street, sinking more than 17 percent.
According to investors, LinkedIn’s plunge could cause doom in Silicon Valley where investors and venture capitalists pour billions into start-up ventures.
From in.news.yahoo.com:
The first major social networking company to go public this May, LinkedIn claims more than 120 million members. Just four days ago, it had beaten forecasts to post more than 100 percent jump in revenue in its second-quarterly results.
It was the first quarterly results after LinkedIn went public, sending its stock soaring more than $105 – up 10 percent – after the quarterly results came out.
But Monday’s plunge in its fortunes led investors and market analysts to fear that the expected initial public offerings for other tech companies are in jeopardy.
‘The sound you just heard was the IPO window slamming shut,” it quoted Geoff Yang, a partner at Redpoint Venture, as saying.
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