Remember when tech IPOs used to be about the tech?
Nine years ago, when Facebook went public, investors’ biggest concern was its mobile strategy. The debate about whether it would ever see a return from its $1bn acquisition of Instagram now seems somewhat quaint, but Facebook’s mobile-advertising projections were the target of shareholder lawsuits for years.
Fast forward to 2021, and when it comes to two of the biggest initial public offerings in tech — Didi and Robinhood — the attention is squarely focused on regulation.
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