Chime’s IPO On Nasdaq Soars 37%, Bringing Valuation To $16 Billion

Digital bank Chime’s stock surged in its Nasdaq debut, rising 37% and pushing its valuation to $16 billion—marking the latest in a series of successful IPOs in recent weeks.

While the size of the new fund has not been officially announced, one source said it would be "substantially north of $250 million." I Photo: Nasdaq Facebook

The 13-year-old bank grew rapidly during the pandemic and has maintained that momentum, though it spent heavily to do so. As a result, finding more cost-effective ways to attract and retain customers has become critical, Forbes Daily reported.

Oracle cofounder Larry Ellison overtook Jeff Bezos and Mark Zuckerberg on Thursday to become the second-richest person in the world, as shares of his cloud computing company soared amid the ongoing AI arms race.

Ellison saw the largest single-day increase in net worth of any billionaire, gaining $25 billion and bringing his total to $242 billion—second only to his longtime friend Elon Musk.

Two long-time partners at Y Combinator—which has incubated some of Silicon Valley’s most successful startups, from Airbnb to Dropbox—are leaving the firm to launch their own fund, Forbes has learned.

While the size of the new fund, aimed at supporting early-stage companies, has not been officially announced, one source said it would be "substantially north of $250 million."