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Klarna Shares Drop Below IPO Price

Stock Analysis

Klarna’s shares reportedly dropped below their initial public offering price for the first time Friday (Sept. 26) amid a widespread weakening of technology stocks.

The company’s stock fell as low as $38.31 Friday, below the $40 IPO price on its Sept. 10 trading debut, Bloomberg reported Friday.

This week saw a slowdown in technology stocks after a record-setting rally, according to the report, and Bloomberg attributed this to some economic data that suggested the Fed might not make further interest rate cuts.

Shares of FinTech companies Affirm and Block were also down Friday, per the report.

“FinTech stocks, including Klarna, are sensitive to macroeconomic factors like interest rates and regulatory developments,” Diksha Gera,…

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