Renren
- 🦄Became a unicorn2011
- 📈Peak valuation$7 Billion ’11
- 💔Became a Unitard2014
- 💸Last valuation~$70M
How it happened
Renren was China's leading Facebook-style social network for college students and one of the most hyped Chinese tech IPOs of its era, raising $740M on the NYSE in April 2011 and valued at nearly $7B after its debut. It never adapted to the shift to mobile and messaging apps like WeChat; usage and revenue withered, and in 2018 it sold its core social-networking business for just $20M. After years as a penny stock dabbling in used cars and fintech, its RENN American depositary shares were delisted in 2023 at a market value around $31M, and the shell rebranded as the small SaaS holding company Moatable.
Source: Wikipedia / Motley Fool / SEC (the 'Facebook of China'; April 2011 NYSE IPO raised $740M, valued near $7B at the post-IPO close; lost the mobile transition; sold its core social-network business for $20M in 2018; RENN delisted in 2023, market cap ~$31M; continues as Moatable/MTBLY)
