This Year’s IPO Billionaires See Wealth Eroded by Market Moves

The long-awaited return of IPO activity this year minted 21 new billionaires, but what came after many companies’ eye-popping debuts was often a different story.

Insiders whose stakes ballooned to at least $1 billion on the first trading day have since seen the value of those holdings plunge by an average of 23% in the following weeks or months, according to the Bloomberg Billionaires Index.