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."
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
Climate change doesn’t just mean more extreme weather – it also leads to billions of dollars in lost productivity, tourism, and stresses infrastructure.
