Instacart slashes its valuation to $24 billion
CNN
Instacart's valuation doubled twice to $39 billion in the first year of the public health crisis, fueled by a pandemic boon to its on-demand grocery delivery business. Now it's falling back to earth.
On Thursday, the decade-old, privately-held startup informed its 3,000 corporate employees that it is revising its valuation down to $24 billion, citing market conditions.
An Instacart spokesperson said in a statement to CNN Business Friday that the company is "confident in the strength of our business, but we are not immune to the market turbulence that has impacted leading technology companies both public and private."
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