The drop comes amid a broader decline in fintech company stocks, including that of Affirm Holdings and Jack Dorsey-backed Block Inc.
Shares of Klarna Group Plc. (KLAR) fell below their initial public offering (IPO) price of $40 for the first time on Friday.
Add Asianet Newsable as a Preferred Source
Klarna’s stock fell more than 5% by midday trade on Friday, trading at around $39.37 at the time of writing, rebounding from a low of $38.31. The shares had rallied as high as $57 on the day of their debut, following the company’s $1.37 billion raise through the IPO. The drop comes amid a broader decline in fintech companies. Affirm Holdings (AFRM) and Jack Dorsey-backed Block Inc. (XYZ) were down more than 2.5% each.
Get updates to this developing story directly on Stocktwits.<
Read also: PCE Report: Core Inflation Holds Steady At 2.9% In August
For updates and corrections, email newsroom[at]stocktwits[dot]com.<