Pinterest and Zoom shares rally after IPOs
Thursday, 18th April 2019
By Richard Waters and Hannah Murphy in San Francisco and Nicole Bullock in New York
“Everyone had an interest in the sense that the Lyft debacle left a sour taste in people’s mouths,” said Malcolm Burne, co-founder of StarTech NG, which has pre-IPO investments in Pinterest, Lyft and Uber. “[The Pinterest IPO] is very important for what happens to Uber because sentiment is everything. If Pinterest goes very well, it will be very good for the whole climate around Uber. You don’t want [Pinterest] coming back down below the IPO price.” Uber, the most valuable private US tech company, is expected to list its shares early next month at a valuation of as much as $100bn. Some analysts had described Pinterest’s earlier price range as very cautious, and others said the performance of recent IPOs such as Lyft was unlikely to have a big effect on overall demand.
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