Oscar IPO’d on March 3rd at $39 per share and started trading at $36 per share, good for a market cap just north of $7 billion. Since then, it’s down nearly 77%, its market cap hovering around $1.5 billion.

As The Abstract Investor summarized, the challenge, and opportunity, is that:

In this episode, we try to put together that murky puzzle by understanding the two businesses that Oscar is building -- a tech-enabled insurance business and an insurance-enabled tech business -- and how they might combine to create the kind of scale needed to compete in health insurance.

You can read the full post at Not Boring.