Since going public in March, Roblox's value has increased by $26 billion, making it more valuable than FedEx and Ferrari.
Roblox, an online gaming platform that allows users to create and interact in virtual worlds, has risen 70% since its initial public offering. The majority of those gains have occurred in the last month, when the stock has risen by about 55 percent.
The company — valued at $42 billion at its direct listing according to the Wall Street Journal — is now worth $68 billion.
That means Roblox is worth more than FedEx, a global delivery company valued at $65 billion, and Ferrari, the luxury sports-car maker valued at $66 billion. It's also worth more than German carmaker BMW and credit-card company Capital One. On Tuesday, Roblox jumped 3.1% to $116.74 at 1:42 p.m. in New York.
Investors have been pouring into metaverse-related stocks and cryptocurrencies since the company formerly known as Facebook announced its new name "Meta" at the end of October. The rebranding was meant as a symbol of the company's push into the next phase of the internet, a digital world called the metaverse where people can interact, work, and play.
David Baszucki, the company's chief executive officer, told Bloomberg he sees Roblox being a pivotal piece of the metaverse, where people can take part in town halls, conferences, and eventually even dissect a frog for biology class.
Jefferies analysts said in a Monday note that the metaverse could be the biggest disruption to daily life ever seen, and said the pandemic accelerated the shift to a more virtual reality.
You should also check out the following articles:
Subscribe now to our YouTube channel
Subscribe now to our Facebook Page
Subscribe now to our twitter page
Subscribe now to our Instagram
Subscribe To my personal page on linkedin
Subscribe To my personal page on tiktok page for those who love to dance :)
Want to know what else is going to be in the coming years? Follow me. Follow the future. Sign up for my friend's letter.