RATE Group | Early crypto investor Novogratz likens Beyond Meat’s surge to the bitcoin bubble
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Early crypto investor Novogratz likens Beyond Meat’s surge to the bitcoin bubble

01 Aug Early crypto investor Novogratz likens Beyond Meat’s surge to the bitcoin bubble

Posted at 16:44h in Bitcoin News by

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Michael Novogratz

Anjali Sundaram | CNBC

Bitcoin bull Michael Novogratz is seeing the same rush of enthusiasm toward Beyond Meat that came at the height of the crypto bubble.

The former Fortress hedge fund manager said while big ideas — like new alternatives to animal meat and money — capture people’s attention, they can also become drastically over bought.

“Beyond Meat reminds me a little bit of crypto in 2017,” Novogratz told CNBC’s “Squawk Box ” Thursday. “You get great bubbles on big ideas. This is a great bubble.”

The plant-based meat maker has been on a tear since its IPO in May. Last week, shares hit an all-time high of $208.48, a 720% rally since the IPO. But the hot streak snapped this week after posting mixed second-quarter earnings.

Shares continued to stumble Thursday after the company announced a secondary stock offering at $160 — an 18.6% discount from Wednesday’s closing price. Beyond Meat plans to sell an additional 3.25 million shares with 3 million coming from…

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