Upstart Holdings, Inc. (UPST) saw its stock price plummet by 5.03% during intraday trading on Wednesday, marking a significant decline for the lending platform.
The sharp drop appears linked to reports that Stone Ridge Asset Management, a fund holding consumer and small-business loans originated by Upstart and other fintech companies, is experiencing high redemption rates. This development suggests growing investor apprehension or negative sentiment towards the loan assets associated with Upstart's business model.
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