Blue Apron’s 90% Wipeout Sends Warning to Unicorn IPO Investors (2)

It was a big week for Blue Apron shareholders. The meal-kit delivery company named a new chief executive officer, someone who’d bring a vision on how to jump-start sputtering sales, and the stock spiked 17 percent in a matter of minutes.

All of which means essentially nothing in the grand scheme of things; the stock is still down 90 percent since its IPO in 2017. The numbers actually could be worse: had the bankers in charge of the deal—a group led by Goldman Sachs Group and Morgan Stanley—stuck to their initial plan and priced the stock at as much as ...