Instacart soared 40% above its IPO price on Tuesday as trading began.
Its shares have since tumbled close to its debut price of $30 as momentum fades.
The stock soared 43% in its trading debut on Tuesday, but most of those gains were wiped out the following day when shares closed at $30.10, just 1o cents above its float price.
"Finally people can see under the hood related to Instacart that this is not a stable situation," he said.
Instacart's plunge is a cautionary tale for other companies thinking of coming to market following Arm's successful debut last week.
Persons:
Instacart, Jerome Powell's, Phil Lempert, SupermarketGuru, Lempert
Organizations:
Bloomberg, Service
Locations:
Wall, Silicon, Instacart