Square is worth half as much as it was a year ago

Earlier this month, Square set an $11 to $13 price range for its long-awaited IPO, which is much lower than the $15.46 that investors paid per share during the company’s most recent private financing round, but the actual IPO price has ended up being even lower than that. Last night, Square announced, that it will be selling its shares for $9, which puts its market capitalization at $2.9 billion, less than half of what it was last year.