Connect with us

Hi, what are you looking for?

Jewish Business News


Pagaya Plummets As Shares Drop by 40%


Pagaya Founders (photo source company website)

Israeli fintech firm Pagaya is in trouble as its market cap is dropping by the hour. The newly publicly traded company’s stock has been sliding for days now and the holiday weekend did not seem to help it stem the tide.

The company’s shares began trading last week at $7, but as of Tuesday morning, they are in jeopardy of plummeting below the $4 mark. (American markets were closed on Monday for the 4th of July holiday). That would mean a loss of more than 40% of Pagaya’s value.

And Pagaya is now down to a valuation of well under $3 billion when it first looked to hold an IPO the company expected a valuation of as much as $8.5 billion.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

The newly listed public company is called Pagaya Technologies Ltd. and its Class A ordinary shares and public warrants began trading on the NASDAQ stock market on June 23, 2022 under the ticker symbols “PGY.”

The fall in value is largely due to the current instability in the markets in general. The markets are down everywhere, largely due to the world financial turmoil that resulted from the Russian invasion of Ukraine feeding into high inflation everywhere and the U.S. Federal Reserve raising interest rates. Stock markets and bond markets are negatively correlated in that when interest rates rise, stocks go down. This is because bonds, which are usually a safer investment, offer higher yields so investors sell stock to buy them. It is also because higher interest rates mean growth costs more so investors expect lower profits and possible contraction.

And the Pagaya news comes soon after eToro, an Israeli startup that offers its clients a trading platform, scrapped its planned IPO. That company will instead try to raise another $1 billion in new funding. The company now expects to have just a $5 – 6 billion valuation, whereas, it originally anticipated more than a $10 billion valuation from its IPO.

Founded in 2016 by CEO Gal Krubiner, Yahav Yulzari – a former Israeli soccer star — Avital Pardo and CEO Gal Krubiner, Pagaya Investments is a global financial technology company with new ways to handle institutional asset management. Focusing on fixed income and alternative credit, the company offers a variety of discretionary funds to institutional investors (including pension funds and sovereign wealth funds), insurance companies and banks. It boasts a suite of “unmatched artificial intelligence technologies and state-of-the-art algorithms delivers an exceptional, scalable performance edge in the digital lending space.”



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.