Jumia Has Endured a Horror Week on the New York Stock Exchange Amid Fraud Claims
By Yomi Kazeem
The Cinderella run on the New York Stock Exchange for the largest e-commerce operator in Africa appears to be slowing.
After debuting its share at $14.50 for its historic initial public offering(IPO) on Apr. 12, Jumia’s stock initially soared, peaking at a closing price of $46.99 last week. It was one of the 10 best performing IPO stocks on the NYSE in 2019. But it’s gone downhill since with the stock recording six straight days of decline. The slide for Jumia is coming nearly a month after its IPO first launched.
The slide could yet continue for Jumia as Citron Research, a known stock short seller, has produced a report alleging the company is fraudulent and claiming that its equity “is worthless.”
Photo courtesy of Andrew Magill.