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Ben Boissevain contributed this article to TechCrunch. Valuations in 2022 have been falling like a rock as the war in Ukraine rages, inflation skyrockets and the Fed tightens the screws.

Fintech firm, Klarna, whose valuation plummeted 85% to just $6.7 billion from $45.6 billion a year ago, is an extreme example of this. Klarna’s woes are also related to the “buy now, pay later” subsector falling out of favor, but it’s not alone. Almost all tech companies are seeing their valuations decline — the Nasdaq is now more than 31% below its all-time high on November 19, 2021.