ThredUp Inc
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Consumer Discretionary : Internet & Direct Marketing Retail | Small Cap Growth
Company profile

ThredUp Inc. is an online resale platform for women’s and kids’ apparel, shoes and accessories. The Company’s marketplace enables buyers to browse and purchase resale items primarily women’s and kids’ apparel, shoes and accessories across a range of price points. Its custom-built operating platform consists of distributed processing infrastructure, software and systems and data science expertise. The Company’s subsidiaries include ThredUp Intermediary Holdings LLC, Knitwit GC LLC, ThredUp CF LLC, thredUP Circular Fashion Fund Inc. and Remix Global EAD.


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The billionaires are bleeding. Elon Musk, Jeff Bezos and other top earners have lost nearly $200 billion in 2022

10:19 am ET May 19, 2022 (MarketWatch)

By Barbara Kollmeyer

Get the hankies ready.

The world's biggest billionaires alone lost more than $40 billion as markets cratered on Wednesday, according to Bloomberg's Billionaire's Index, a daily ranking of the world's wealthiest.

Still at the top of that list is Tesla's (TSLA) chief executive officer, Elon Musk, who lost the most of 500 billionaires. Musk shed $12.3 billion of his personal fortune as the Dow Jones Industrial Average and S&P 500 saw their worst days in two years

Musk has been pursuing a $44 billion deal for Twitter(TWTR), arguing with the social-network service's CEO Parag Agrawal about spam bots, in what may be a bid to get a cheaper deal or abandon it all together. Wednesday's batch of Musk tweets, in which he vowed to vote Republican in the next election and decried the S&P ESG index as a scam after the index dumped Tesla.

Tesla stock price target was slashed by Wedbush on Thursday, as the analyst citing a "circus show" over Twitter and headwinds from China's COVID battle Since the deal was announced on April 25, Tesls has dropped 28%, though that has come amid hefty market losses this year while S&P 500 has been flirting with a bear market.

Dry those crocodile tears, though as Musk is still worth $210 billion, even if he's lost $60.4 billion so far this year.

Just behind Musk is (AMZN) founder and former CEOJeff Bezos, whose Wednesday losses came in at close second, with a $8.48 billion drop leaving his fortune at $131 billion. Amazon shares have lost 35% so far this year, taking a hit from last month's first reported quarterly loss in seven years. Year-to-date, Bezos has lost $61.6 billion.

Number three on the most wealthy list, Bernard Arnault, chairman and chief executive of French luxury goods giant LVMH Moët Hennessy , lost $3.15 billion on Wednesday and has seen his fortune decline by $52 billion this year, to $126 billion.

Microsoft (MSFT)co-founder Bill Gates lost $2.19 billion on Wednesday and is $19.4 billion poorer for the year so far. His wealth stands at $119 billion, while Berkshire Hathaway's (BRKA)(BRKA) chairman and CEO Warren Buffett saw $2.74 billion wiped off his fortune, though he's gained $2.17 billion year-to-date. Buffet is presently worth $111 billion.

-Barbara Kollmeyer


(END) Dow Jones Newswires

May 19, 2022 10:19 ET (14:19 GMT)

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