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."
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President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie ahead of the board considering the largest railroad merger ever proposed.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
