Tech Startup's Wild First Week Won Then Lost Founder Billions - Bloomberg

The chief executive officer of reAlpha Tech Corp., a small property technology startup, briefly gained billions of dollars in paper wealth during a hot direct-listing debut this week, only to see most of that erased as the stock plunged in the following days.The Dublin, Ohio-based company’s stock surged a whopping 1,667% in its first day of trading Monday, after it went public via a direct listing on the Nasdaq.Shares began trading at $23.01 — already above the $8 reference price — and closed at $406.67.