For Market Debut, Square Scales Back Valuation by $3 Billion - The New York Times

Many nervous unicorn investors today; also see Square Pays $93 Million Penalty to Some Investors in IPO (WSJ)

"The long-running gold rush into hot technology start-ups showed signs of faltering on Wednesday, as a much-anticipated market debut had to scale back its ambitions.

Square — valued in a private financing last year at $6 billion — priced its initial public offering at a level that gave the payments company a valuation of $2.9 billion. The difference between the two may be seen as a sign that the market for venture-backed companies has reached too high."

For Market Debut, Square Scales Back Valuation by $3 Billion - The New York Times