Why Fiverr International Stock Tanked Today
Shares of freelance-services marketplace Fiverr International (NYSE: FVRR) tumbled today to close 12.6% lower after multiple media outlets reported that Microsoft (NASDAQ: MSFT) is building a competing service through its LinkedIn subsidiary.
TechRadar, for example, notes today that a new "LinkedIn Marketplaces" service will help companies on its network "find, connect, hire, and pay freelancers all on the platform itself."
With more than 700 million professionals already on LinkedIn, the company has a deep pool of talent who should be able to use the new service to market their skills to employers on a temporary basis. LinkedIn spokeswoman Suzi Owens is quoted confirming that freelancers will be able to apply for gigs "directly through your LinkedIn profile."
Source Fool.com
