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."
Just days before the 49ers and Chiefs play in Las Vegas, Joe Pompliano, Investor at Pomp Investments and author of the Huddle Up Newsletter, discusses why he thinks this could be the most-watched Super Bowl in history.
Chris Versace of Tematica Research LLC shares his thoughts on Jerome Powell's latest comments, the timing of those crucial rate cuts, and what semiconductor stocks he's watching closely.
We battle an onslaught of advertising every time we scroll through social media. Deinfluencers propose a less pricey, more honest approach to how we shop online. Could they convince us to spend less?
Scott Gutz, CEO of Monster.com breaks down the company’s Work Watch Report for 2024, including what’s motivating workers to look for new positions and why they should see A.I. as an opportunity.
Tom Graff, Chief Investment Officer, Facet, discusses what the latest jobs report says about this ‘pretty good’ labor market and why the market should worry less about the Fed’s next decision.
Universal Music Group, which represents artists including Taylor Swift, Drake, and Ariana Grande, has removed its music from TikTok and accused the app of bullying and intimidation.
