Bloxburg Render in The New York Times Article

My Welcome to Bloxburg render was featured in a New York Times article covering Roblox.

On March 10, 2021, Roblox Corporation made its debut on the New York Stock Exchange under the ticker symbol "RBLX," opting for a direct listing rather than a traditional initial public offering (IPO). This approach allowed existing shareholders to sell their shares directly to the public without the involvement of underwriters. The reference price for the stock was set at $45 per share, valuing the company at approximately $30 billion. However, investor enthusiasm led to the stock opening at $64.50 and closing at $69.47, marking a 54.4% increase from the reference price and bringing the company's market capitalization to around $45.2 billion. 

Founded in 2004 and headquartered in San Mateo, California, Roblox is a free online multiplayer gaming platform that allows users to create and play games made by other users. The platform has gained significant popularity, particularly among children and teenagers, with over 32 million daily active users as of 2020. Roblox's revenue model is based on the sale of its virtual currency, Robux, which users spend on in-game purchases. In 2020, the company reported revenues of $923.9 million, an 82% increase from the previous year, although it also posted a net loss of $253 million.

The company's decision to go public via a direct listing was seen as a move to increase transparency and raise awareness about its business model and growth prospects. CEO David Baszucki emphasized that going public would allow Roblox to safely show its financials and demonstrate the value of its platform. 

Roblox's successful market debut highlighted the growing interest in gaming companies and the potential of user-generated content platforms. The company's strong performance on its first day of trading reflected investor confidence in its business model and future growth prospects.

*ChatGPT helped write this post.