A bunch of my coworkers from a previous company went to a startup that did a SPAC IPO in October. Went from $12 to $1 since then. Seems like these all went down at literally the worst time possible lol
They "went down" at the correct and absolute best time to cash out before interest rates rise and these companies go belly up. It's about grift not about making the company work well.
This makes me feel better about my $10 shares now being worth $4. Although I would never have joined this company in the first place if I knew they were going to IPO via SPAC last October.