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."
CES 2024 starts this week in Las Vegas. It's set to feature swaths of the latest advances and gadgets across personal tech, transportation, health care, sustainability and more. Here's a list of the coolest announcements so far.
Astronauts will have to wait until next year before flying to the moon and another few years before landing on it. NASA on Tuesday announced the latest round of delays in its Artemis moon-landing program.
The Biden administration has enacted a new labor rule that aims to prevent the misclassification of workers as independent contractors. The labor department rule going into effect Tuesday replaces a scrapped Trump-era standard that lowered the bar for classifying employees as contractors
The KC-46 was to be the ideal candidate for a fixed-price development program. Instead, it has cost Boeing billions, and made industry wary of such deals.
Dave Long, CEO and Co-Founder of Orangetheory Fitness joins Cheddar to chat trends in the industry for 2024. He updates us on the company's plans to expand and what the state of the economy has meant for business.
One of the world's largest renewable energy developers will be getting hundreds of wind turbines from General Electric spinoff GE Vernova as part of a record equipment order and long-term service deal.
A moon landing attempt by a private US company appears doomed because of a fuel leak on the newly launched spacecraft. Astrobotic Technology managed to orient the lander toward the sun Monday so its solar panel could capture sunlight and charge its onboard battery.
Treasury Secretary Janet Yellen has announced that 100,000 businesses have signed up for a new database that collects ownership information intended to help unmask shell company owners. Yellen says the database will send the message that “the United States is not a haven for dirty money.”
