Max Levchin say the market was wrong about Affirm Holdings Inc., buy now, pay later for the company he co-founded a decade ago. It can just Depression to prove it.
Confirm shares are down 77% since peaking in November, compared with a 9% drop for the S&P 500 during the same period. Investors are worried about future borrowing costs, increasing competition and whether Affirm’s borrowers will lag in payments during the recession. The company’s total valuation is around $11 billion, down from a peak of $47 billion.