Hello and welcome to the implosions edition of Slate Money, your guide to the business and

finance news of what a week this was. This was a crazy pants week.

We have so much to talk about and we are not going to mention the impeachment word at all.

Yay us. I'm Felix Salmon of Axios. I'm here with Emily Peck of Huff Post.

Hello. And also Anna Shamansky of Breaking Views. Yes, hello. We are going to talk about

what happened in the IPO or what is happening in the IPO market. Wework is not going public.

Endeavour is not going public. Peloton went public and imploded. This is crazy pants. This isn't

what normally happens with IPOs. So we're going to talk about that. We're going to talk about Jule, the formerly $35 billion vaping company, which Anna Shumanski now considers to be worth zero. We are going to talk about Thomas Cook, which apparently travel agents are still a thing. Who knew? In any case, all of that is coming up on slate money.

So I just saw a statistic saying that 48% of the companies that went public this year are trading below their IPO price.

Now, this is a random statistic and it's like, oh, that's a random statistic.

But this is incredibly unprecedented and rare. Like the whole point about IPOs is that a company

deliberately underpriced its stock. It sells its stock at a discount to what the market is willing to pay so that

everyone will jump in and buy the stock and then it rises on the first day and then it,

you know, with any luck, keeps on rising. And this standard thing for IPOs for as long as there's

been IPO seems to have gone out the window this year. And this year, it seems that if you just do that

standard IPO investing thing where you just take a thousand bucks and buy a thousand bucks

of stock every time at company IPOs, you are hating your life. Yes, you are. So we're talking

about Uber. We're talking about Lyft. This week we're talking about Peloton. Peloton. Oh, yeah. We're talking about Smile Direct Club, which went public just a couple weeks ago at $23 a share and there's now at $13 a share. What is Smile Direct Club, Felix? It's like a teeth straightening thing. Right. It's like you can get your teeth straightened without going to the dentist.

You do it all at home over the internet.

Shocked that it didn't perform as well as thought. Sounds fantastic. Yeah. I mean, it seems like

we're kind of meeting this juncture where market psychology is just has changed. I mean,

I feel like clearly in the last, especially I'd say in the last like two months,

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