Hello and welcome back to Equity, the Tech Ranch Podcast where we unpack the numbers and the nuance behind the headlines.

This is Alex.

It is Monday, May 9, 2022 in the news is bad.

Why is the day bad?

Well, if you look around at asset prices of anything,

you will see nothing other than chaos and ruin.

Stocks over in Asia are down.

Stocks in Europe are down.

Stocks in America are set to fall very sharply at the open, so much so that if the Nasdaq opens where I think it will, the Nasdaq composite will have given back all of its 2021 gains, which means that tech companies will be back to 20 prices after several years of growth.

That's just how far everyone got valuations wrong last year, which is brutal.

For startups, yes, this is a five alarm fire we will get

to that in just a little bit. If you sold your 401k and bought a bunch of coins

with it well the crypto market is not going to save your bacon. Bitcoin is off more than 5% in the last 24 hours, Eath is off more than 7% in the last 24 hours, and

Solana, well that's off 9% in the last day.

Nearly every crypto asset that I could find is off between 10 and 20% in the last week, which I will dub a woof out of 10.

So how is this impacting the value of crypto-focused companies if crypto assets themselves are in sharp decline?

Well, we don't have that many data points because startups don't trade very often, but we do have

coinbase, which is public. And coinbase lost 9.2% of its value last Friday and is

off another 6.5% in pre-market trading this morning.

That latest decline puts the value of coin base at less than $100 per share.

Now remember that it direct listed and when it did so it was

given a reference price of 250 dollars per share which I'm going to now call the

...