Snyk was worth $8.5 billion. The price of its employees stock has collapsed.

Image for article Snyk was worth $8.5 billion. The price of its employees stock has collapsed.
News Source : Business Insider

News Summary

  • Snyk was one of cybersecurity's brightest startup stars, worth $8.5 billion at the height of the software boom.
  • People with Snyk equity have been watching the value of their shares slide over the past few years, two former employees told Business Insider.
  • Dramatic valuation drops have hit some software-as-a-service (SaaS) companies this year due to the rise of powerful new AI systems.
  • "I would say it's definitely a trend, not an exception," said Dan Morgan, a senior portfolio manager at Synovus Trust.
Snyk advisor and former CEO Peter McKay.John Tlumacki/The Boston Globe via Getty Images Cybersecurity startup Snyk was valued at $8.5 billion in 2021. The rise of new AI tools hit it hard.

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