Poshmark's sign outside the Nasdaq in New York on Thursday. Photo by Bloomberg
The Briefing

Poshmark Goes Public, Fitbit Gets Bought: The Information’s Tech Briefing

Photo: Poshmark's sign outside the Nasdaq in New York on Thursday. Photo by Bloomberg

Used clothing website Poshmark began life as a public company today, with its stock more than doubling to around $100 a share. At the same time, Fitbit ended its life as an independent company, after Google completed its acquisition of wearables device maker for $7.35 a share, 63% lower than Fitbit’s IPO price in 2015. Call it a tale of two stocks, or a reminder to overly enthusiastic investors of what can happen to small companies facing big rivals.

While Fitbit’s fall from grace has been well documented, it’s easy to forget that its IPO was a success. Fitbit shares sold at $20, above the original pricing range, and the stock surged to as high as $47 shortly afterward. At the time, Fitbit was growing quickly—revenue soared 150% in 2015. But that same year the Apple Watch came out. And while it was far from an immediate hit, it surely contributed to Fitbit’s business slumping. By 2019, revenue was 33% lower than 2016. Also in 2019, Fitbit stock traded as low as $2.99, before Google came along with its rescue takeover bid.

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