Why Skillz Stock Tanked 23.3% in September

Shares of Skillz (NYSE: SKLZ) tanked 23.3% in September, according to data from S&P Global Market Intelligence. The mobile games and competition company continues to get hit by a lack of execution and rising interest rates from the Federal Reserve. As of Oct. 4, the stock is now down 88% since its debut in 2020.

Skillz is a mobile games company that focuses on building competitive multiplayer environments. Its mobile app reportedly offers users hundreds of live events where they can compete with other people around the world and win real money. This was a promising and potentially innovative business model, which got investors excited about Skillz stock in 2020. At one point, shares of the company were up over 300% in less than a year.