Another Unicorn on it’s way to graveyard of failures?

Blue Apron hits 70% drop in value – CEO is ousted! The company debuted on the NYSE in late June, selling its shares for $10 apiece—a number that was already a major drop from pricing expectations.

The past five months haven’t been any kinder. Stock in Blue Apron (NYSE: APRN) closed Thursday trading at $3.07, setting a market cap of about $569 million, down from $1.9 billion when it debuted.

Anything to do with grocery, food, prepared meal delivery does not have a sustainable value proposition and better yet it simply does not have a good revenue model… But investors keep on investing! Fools? or do they know something else? Most likely the first option…

Blue Apron CEO out amid 70% drop in value – #VC #MnA @BlueApron

Via PitchBook