2000 Tech Wreck Detail
About 2000 Tech Wreck Detail
The dot com crash destroyed 5 trillion in market value from March 2000 to October 2002. The NASDAQ fell 78 percent. Of the roughly 5,000 internet related companies founded in the late 1990s, over 2,000 went bankrupt. Pets.com went from IPO to bankruptcy in 268 days. Webvan spent 1 billion building automated warehouses before going bankrupt. However, the underlying internet thesis was correct: e commerce, online advertising, and digital services did transform the economy. Companies that survived the crash, including Amazon, eBay, and Priceline, eventually exceeded their bubble era valuations by orders of magnitude. The crash was a classic case of right technology, wrong timing and valuations.
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