Etsy's Stock Is A Papier-Mâché Humpty Dumpty Doll Stuffed With Ennui

Oh...Etsy.
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Remember Etsy?

Things have been up and down - and then, like, really down - for the online flea market, but today a major Silicon Alley hedge fund moved to show that it believes in Etsy's future.

Late Monday, Tiger Global, the firm founded by Chase Coleman, a protege of legendary investor Julian Robertson’s Tiger Management, revealed in a regulatory filing that its stake in Etsy stood at 8.9% as of May 28. At the time of Etsy’s IPO on April 16, Tiger owned 7.3% of Etsy’s shares.

Tiger Global is an investor in cool startups like Warby Parker and Quora, so people notice when they grab a few shares. Maybe the power of their belief can resuscitate the market for crocheted boob pillows...

Etsy’s stock shot up more than 4%, and by early afternoon, it traded at $15.49 per share.

Alright! this is like that part of Peter Pan where the audience brings Tinkerbell back to life simply by believing...

Even with the Tiger bump, that’s still more than 3% below its $16 initial public offering price and 57% below its all-time high since its April IPO.

Nope, Tinkerbell is still dead.

Well at least the trouble facing Etsy can be used as macro evidence the new tech bubble isn't as inflated as many fear... right?

Blue Apron Inc., a startup that delivers pre-measured meal ingredients to home cooks, has raised $135 million in fresh capital to feed its business.
The new deal values the company at $2 billion pre-money, a company spokeswoman confirmed.

Oof.

Even Tiger Global Can’t Keep Etsy Above Its IPO Price [WSJ]

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