Unicorns are supposed to be rare but now there are many tech firms valued at $1bn (Source: Getty)
Traders are piling up short interest on early stage technology firms after a string of young companies made market-busting initial public offerings (IPOs). The so-called “unicorns” – companies which are valued at $1bn before they have launched onto the stock market – are being targeted by traders betting their share prices will fall.
Although they are known as unicorns because of their mythical, elusive status, there are plenty of companies around like this at moment – Uber, Airbnb and Just Eat, for example. Last week the owner of dating app Tinder, Match Group, listed on the stock market and its valuation rose to $3.54bn following its debut.
The number of unicorns around has been enough to…