Convoy, an online platform that connected truck drivers with freight companies, abruptly shut down in October just 18 months after it was valued at $3.8 billion.
Convoy is merely the latest example of a long decline in the life of a mythical “unicorn” company — startups valued at $1 billion or more. After a gradual increase in their numbers over the mid-2010s, unicorns exploded between 2020 and 2022, with more than 100 created each quarter before dropping below 100 in the third quarter of 2022. The number of IPOs also exploded,…
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