The share prices for Marqeta have moved downwards after an announcement about the CEO of the company.
The officials at Marqeta have confirmed that Jason Gardner will no longer be the chief executive officer at the payment processing company.
Marqeta Shares Dipped 24%
It was recently announced that Jason Gardner, the co-founder of Marqeta who is also the CEO of the company has plans of stepping down from his position.
The announcement regarding Gardner stepping down from his position as the CEO was made by Marqeta on Thursday.
In addition to the above, the company has also opened up its current situation with the investors. The company has revealed that it is well aware of the market conditions and the economy that is suffering tremendously.
Like the rest of the companies and sectors, their company is also suffering tremendously as they are facing many challenges. The fintech sector has also suffered tremendously from the recent downfall in the economy.
However, their aim is to take all the necessary measures in order to deal with the situation very swiftly.
From rise to fall
Marqeta was founded back in 2010 by Jason Gardner and it was among the first-ever fintech companies that had been introduced.
Soon after its launch, Marqeta gained worldwide recognition. The company was so well recognized that it decided to make a public debut in 2021. At the time of its stock market debut, Marqeta’s market valuation was $16.
Unfortunately, Marqeta made its debut at the worst time ever. This is because the fintech company has witnessed a constant demise in its stock prices. At the moment, the stock price of Marqeta is 75% lower than its all-time high stock price.
In the running year, the tech sector has witnessed a great dip and it has swept away a large percentage of Marqeta’s market valuation. At the time of publication, Marqeta’s market valuation is less than $5 billion.
Jason Gardner’s Statement from the Earnings Call
It was in the earning’s call for the second quarter where Jason Gardner talked about the growth of their company. He stated that they are aiming to make their business more diversified by increasing its capabilities.
He stated that they want to deal with any situation and problem proactively. They want to increase the success rate of their business. To achieve this, it is important that they pick the right people who are capable of keeping their company pointed in the right direction.
It was while talking to the analysts at the earnings call that Gardner announced that he was in the process of stepping down from his post.
Following the day of Gardner’s announcement, the share prices for Marqeta experienced a 24% dip in the stock trading market.