European Tech Industry Loses $400 Billion Market Value, Report Says

[Epoch-Times-Bot]

European Tech Industry Loses $400 Billion Market Value, Report Says

LONDON/STOCKHOLM—The European tech industry saw $400 billion in value wiped out this year and an 18 percent decline in venture capital funding, according to a report from venture capital firm Atomico.
The combined value of public and private tech firms in Europe fell to $2.7 trillion, down from $3.1 trillion in late 2021. High interest rates, the war in Ukraine, and a shrinking talent pool were among the reasons cited for the drop.
Market pressures forced a number of Europe’s best-known companies to raise funds at a discount to their once sky-high valuations. For example, Swedish payments firm Klarna Bank AB raised $800 million at a valuation of $6.7 billion, an 85 percent drop from its 2021 price tag of $46 billion....

Source: European Tech Industry Loses $400 Billion Market Value, Report Says

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