The bear market for tech IPOs this year has been a bull.

Recent downturn in share prices of highly-valued, high growth, and money-losing companies has resulted in a large selloff among those that will hit the markets in 2021. CNBC identified 55 technology companies that were able to debut in the U.S. through an IPO (special purpose acquisition company), or direct listing. Only one of them — GlobalFoundries — is less than 20% off its high price.

These companies now find themselves in bear market territory. A drop of 20 percent or more is a typical definition. Ten of these companies lost at least 20% in the week that has just passed.

Worse, 23 companies in this group have seen their values drop by half to more than 50% since their peak, which includes RobinhoodThe stock has fallen 74% since its high in early August. LegalZoomThe price of a loaf has fallen 58% from its peak in July. These prices reflect the closing of business on Monday.

In the hopes of creating a diverse portfolio, investors who choose a variety of options have not found safe havens. These are the facts Renaissance IPO ETFThe index tracks the stocks of public companies in recent years. It has seen a decline in 18% and 26% in its last week. This index has a -6% drop in the past three weeks and a -26% decline from its February record. top holdingsThese are Moderna, Uber, SnowflakeAnd Zoom.

Companies that require outside capital for growth are being affected by rising inflation in the tech sector. Employees and other employees at companies in the tech sector are being most affected by investors fleeing to safety. This is typically six months following the initial offering.

RivianFor example, insiders have been kept locked up indefinitely through mid-2022. They are fully exposed to 35% of the stock drop at electric vehicle manufacturer since mid November. FreshworksPlease see: SalesforceCompetitor, has fallen 50% since its peak last month and insiders are prohibited from selling it until the beginning of next year.

Cloud software provider GitLabIt is expected that the stock, which has fallen 35% since its peak in November, will reach its lock-up expiration early 2022. GitLab workers were hit harder Monday when GitLab stock dropped an additional 9.9% during extended trading. GitLab posted better-than-expected revenues in its first quarter of being a publicly traded company. However, that doesn’t seem important.

Some newly listed companies don’t have to worry about lock-ups. Half-a-dozen U.S. Tech companies were made public this year through direct listings, which allowed existing investors to buy the shares immediately rather than adding to their cash reserves.

Direct listings, while still being used by only a few venture-backed businesses, gained considerable traction in this year’s market. Prior to 2021, only four notable companies — Spotify, Slack, PalantirAnd Asana — had chosen that path to the public market.

In this year Roblox, Coinbase, Squarespace, ZipRecruiter, AmplitudeAnd Warby Parker debuted via direct listings. The shares of both companies are now down as much as 20% to 50% from the peak, however employees can sell their equity stock directly from the start, thereby cashing in at least some.

Tech SPACs are just as troublesome for public investors than IPOs, direct listings and IPOs. Auto insurer MetromileThis technology lets drivers pay per mile and not a monthly fee. The IPO’s worst performer has been IPO – it fell 89% from its peak in February. SPAC mergerIt was successfully completed.

In addition to other SPAC listings is the local social network NextdoorOnline lender is offering 47% discount on its November peak SoFiIn 10 months, it has fallen 44% Site Media BuzzfeedThe data was not available for this story because the SPAC merger, which the company completed on Monday, wasn’t. However, it was a worrying start. stock falling 11%It was inaugurated on its inaugural day.

This year’s few remaining IPOs could be affected by the repricing of tech markets, possibly even into 2022.

HashiCorp, a cloud infrastructure company that provides software for the cloud, is expected to be listed this week. aiming for a valuation of about $13 billionBased on the initial price range. These expectations were established before the crash in tech markets. Investors may be more concerned about the $22 million losses that the company suffered last quarter. This is an increase of $9.3 million from a year ago.

Samsara will make its debut next week. Their technology connects physical items to the cloud and is valued at approximately $11.5 billionAccording to its website, updated prospectusPublished Monday. Samsara’s loss has decreased to $32.4million from $54.3million during the prior year.

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