Showing posts with label US Companies. Show all posts
Showing posts with label US Companies. Show all posts

Sunday, October 23

California's Economy Declining


California officials are sounding the alarm after recent statistics showed that fewer corporate and start-up activity in the state was leading to a decline in tax revenue, according to a report by Bloomberg News.

This year, just nine companies based in the state had held initial public offerings (IPOs), which is when a company first lists shares for sale on the stock market – considered a milestone in its growth after strong activity and high valuation, the report revealed

In 2021, California – whose start-up ecosystem in ‘Silicon Valley’ is considered the most prodigious in the world – saw 81 companies conduct IPOs, making 2022 a year of a nine-fold decrease.

Moreover, the value of these IPOs was far lower than in the past, raising merely $177 million, or 2% of the total amount of money raised by U.S. companies that went public in 2022. 

By contrast, in 2021, California’s share of the revenue generated by IPOs was 39%, by far the largest of any state.  READ MORE...