E-COMMERCE COMPANY WISH SOLD AT SIGNIFICANT DISCOUNT

Summary from the TLDR Founders newsletter

Qoo10, a Singaporean e-commerce company, has acquired Wish for $173 million in cash. The deal values Wish at a mere 1% of its peak valuation of $14 billion at the time of its IPO in 2020. Qoo10 now faces steep competition from discount retailers Temu and Shein, which have been on an ad-spending blitz to attract American shoppers.