(Bloomberg Markets) In the ballroom of the five-star Shangri-La Singapore hotel, Anthony Tan celebrated a triumph for the country’s up-and-coming tech scene. “Today we shine a spotlight on Southeast Asia!” he told the adoring crowd. His company, Grab, the region’s answer to Uber, was about to make its stock market debut.Most Read from BloombergIsrael Latest: Israel Vows to Wipe Out Hamas as Ground War LoomsApollo CEO Marc Rowan Demands UPenn Leaders Quit Over ‘Antisemitism’IMF Caught Off Guar
Grab's 70% Tumble Shows the Limits of Singapore's Tech Dream bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
While many tech stocks have stumbled, some as much or more than Grab, it has no been a great time for the Singaporean multinational technology company recently and Grab stocks are still down almost 70%.