This certainly are not the best of times for Jumia. The internet e-commerce platform reportedly lost a whooping $100m in market capitalisation last week and there are indications that it might be in for another turbulent week again this week.
The e-commerce giant got listed on the New York Stock Exchange back in April. The company’s share reportedly soared by 75% during its NYSE debut, even as it traded at $25.46 by close of business. This pegged the company’s valuation at $1.9 billion as at close of business, Friday.
The e-commerce platform has been in the news lately for the wrong reasons
In August, Jumia’s staff and some members of the Jumia Force (Jumia’s agents) were said to have inflated the volumes of order on the marketplace.
Here’s what twitter user Jesse Holmes @Jessetheranter said:
Jumia lost $100M in market cap last week alone 🤭.
This week might even be more brutal. pic.twitter.com/uTN6c0ktqF
— Jesse Nana Kojo 👨🏾🚀🇬🇭🏁 (@Jessetheranter) October 14, 2019
And then another twitter user @seyitaylor reacted giving some statistics:
https://twitter.com/seyitaylor/status/1183688477881372673?s=20
And then an hilarious meme:
The lockup period has ended so folks are just pic.twitter.com/q39lnQpDjH
— Jesse Nana Kojo 👨🏾🚀🇬🇭🏁 (@Jessetheranter) October 14, 2019
But another twitter is quick to call for caution:
what’s the narrative analysts are pitching?
— Jon Charles Gore (@joncgore) October 14, 2019
And then comes one of the regular twitter rookies:
This is crazy
Jumia needs to up its game, the issues that followed it, the falsification of docs and the likes dented their age.
By the way, what app is this?
— okunrin.eth| Ade (@destinyspoke) October 14, 2019
An another user comes to his rescue here:
Stocks (iOS)
— Voke Keno Jnr. (@voke04) October 14, 2019
Finally…
https://twitter.com/rai354/status/1183884763997839361?s=20
