Last year’s carnage on the Nasdaq, share price, tech stock, and IPO index was unbelievable. Data says it all in generic terms: With a decline of more than 51%, the Index had a dreadful, no good, let’s put it in the rearview mirror year. That was approximately in line with The Wall Street Journal’s 52% drop in the Global X FinTech ETF and substantially worse than the 33% Nasdaq drop, a comprehensive indicator of tech stocks. Because the shares in our Indices are weighted equally, and many have tiny market capitalizations, each penny of volatility fluctuation in a stock price, up or down, may have a massive influence.

And the data gets worse as you go deeper: Only two of the forty-five names we’ve watched have avoided becoming “busted IPOs,” where the shares have traded under their initial offering pricing. We’ll give them names straight away: Bill.com finished with a revenue of 109 dollars after the initial public offering happened at $22 in 2019. And Futu Holdings, for $38, is a far cry from its $12 initial public offering in 2019. The halcyon moments of 2019 and the outbreak of COVID-19 look long and far away for FinTech disruptors.

There are titles in our pantheon that will have dropped by more than 90% by 2022 – a group that nobody wanted to be a part of, but that included Affirm, Opendoor, and Upstart. MoneyLion fell beyond 82%. And the impact is not restricted to US companies or consumer-facing businesses. Triterras, which lost about 48% of its worth last week, is still being buffeted by business pronouncements that trade finance and credit insurance firms have been negatively impacted in a challenging macro environment.

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