Once darlings of US markets, Netflix (US:NFLX), PayPal (US:PYPL), and Meta (US:FB) have all seen their stock prices crumble over the last six months. The tech market rout has now crossed the Atlantic to claim its latest victim, online reviews company Trustpilot (TRST), following hefty declines at fellow tech or tech-adjacent companies Wise (WISE) and Deliveroo (ROO).
Even as consumers are relying more than ever on online ratings systems, Trustpilot is now worth around half of its valuation at the time of its IPO, one year ago. The Denmark-founded business hosts customer reviews of companies, competing with Google owner Alphabet (US:GOOGL) and Yelp (US:YELP), and makes money through advertising and by selling software services to businesses.
