Instacart's IPO Flop: Stock Plunge and CEO Exit Raise Concerns

Instacart's shares plunged nearly 11% on its second day of trading, wiping out most of its gains from its initial public offering (IPO). The stock had initially surged 40% on its debut but steadily declined throughout the day, closing just above its IPO price. The falling share price suggests investor hesitation towards tech companies disrupting traditional markets. Analysts have expressed skepticism about Instacart's growth prospects, citing flat unit growth and structural headwinds against adoption. The grocery delivery company joins other gig economy companies on the public market, with only Airbnb proving to be a successful investment so far.