Jumia Lost $100m Last Week In Market Capitalization; Here’s How Nigerians Are Reacting

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:

And then another twitter user @seyitaylor reacted giving some statistics:

And then an hilarious meme:

But another twitter is quick to call for caution:

And then comes one of the regular twitter rookies:

An another user comes to his rescue here:

Finally…