The stock market got a little more 'posh' today. Social media marketplace Poshmark made its market debut on the Nasdaq, with the stock more than doubling after pricing shares at $42 a pop. The stock closed its first day of trading at more than $101 per share.
"We are the future of shopping," said Tracy Sun, co-founder and SVP of new markets. "We take the engagement, the vibrancy of the best social networks, the ease and selection of e-commerce, and we put those two together into a social marketplace."
Poshmark users can resell clothing and accessories directly to buyers using the company's app. There are also social aspects to the app: users check out their feeds, create Stories, and leave comments on items.
Poshmark, like many retailers, has taken advantage of the massive shift to online shopping, which has only been fueled by the coronavirus pandemic. Taking it one step further, the online marketplace aims to put the social aspect back into shopping. With its 70 million total users, it has become a leader in the field.
One reason the app is so popular with sellers, said Sun, is that "we make everything very simple; once it's simple, everyday people can be empowered socially and financially to thrive on our platform."
The online marketplace's domestic reach is large, with sellers operating out of 98 percent of U.S. zip codes, and it aims to use this fresh new capital to continue to grow. The company is looking to expand the categories available on the platform. Poshmark is also focused on its international expansion, adding Canada to its reach and telling Cheddar there is "more to come."
Author of 'Clean Meat,' Paul Shapiro joins Cheddar to discuss how the cellular agricultural revolution helps lower rates of foodborne illness and greatly improves environmental sustainability. Plus, how his company The Better Meat Co. is bringing healthier food options to the table.
Recent headlines might make it sound like World War III is imminent, but when it comes to your finances, it's not the time to panic. The market is coming off its longest winning streak since 2011.
You may have noticed fewer new venture capital-backed startups (like Airbnb or Uber) lately. The market slowed to a crawl after 2021, but things are expected to take off again in 2025.
Corporate earnings season is underway, that time when companies share their billions in sales or double-digit profits. But the data shows even companies are struggling with high inflation and interest rates.
Boeing continues their terrifying trend of having their planes fall apart mid-flight, inflation — checks notes — is still up and the future of AI looks terrifying. Cheery!
Food waste – uneaten scraps or leftovers sent to landfills – is responsible for 10% of global emissions. Mill, a new product from the co-founder of Nest, thinks technology can play a role in eliminating it.
By the time the 2024 election is over, be prepared to see some form of a recession – but this shouldn’t be as bad as what we experienced in 2020 or 2008.
International Master Alice Lee defeated grandmaster Irina Krush to win the American Cup – becoming one of the best women players in the world in the process – but she’s not stopping there.
You can track your sleep habits or heart rate, but how about your brain? Neurable's MW75-Neuro headphones turn your focus and productivity into data you can use to avoid burnout – here's how they do it.
