Tiger Global’s Portfolio Valuation Plunge
A recent report reveals that Tiger Global Management, an American investment firm, experienced an 18% notional loss at the end of September due to reduced valuations for several companies in its portfolio. The Private Investment Partners (PIP) 15 fund also lowered the value of Superhuman, an AI-powered email company, by 45%, and DuckDuckGo, a privacy-focused search engine platform, by 72%.
OpenSea & Other Valuation Reductions
Tiger Global marked down its stakes in the Bored Ape Yacht Club NFT collection by 69% and OpenSea NFT marketplace by 94%. These markdowns reflect a decrease in Tiger Global’s valuations since its initial investments in each company. The firm’s key member declined to comment on the matter. Additionally, Coatue Management devalued its holdings in OpenSea by 90%, as well as Calendly and Notion.
About Tiger Global
Tiger Global is an investment organization that focuses on the global Internet, software, consumer, and financial technology sectors. The firm recently announced that Scott Shleifer, its head, will transition to a senior adviser role starting January 1. Despite the change, Scott will continue as a partner. Last year, Tiger Global reduced valuations in its venture funds by approximately 33%, resulting in a $23 billion decline in overall value.
Hot Take: Valuation Reductions Shake Crypto Market
The recent valuation reductions by Tiger Global and other investment firms highlight the challenges faced by startups and NFT platforms in the current market climate. With higher interest rates and cash flow difficulties, these companies are experiencing a reckoning. Investors should carefully assess their portfolios and consider the impact of such markdowns on their investments. It remains to be seen how these valuation adjustments will impact the crypto market as a whole.
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