New York — LongFin Corporation CEO Venkat Meenavalli’s defence of the fintech company may have done more harm than good for the firm, which has seen its stock skyrocket after announcing a move into the digital currency space. Meenavalli got into a heated debate Monday during a CNBC interview after addressing the more than 1,000% surge in LongFin’s shares since it went public last week, telling the anchors, "You don’t understand". It’s another down-is-up moment in the world of crypto-currencies, where normal no longer seems to apply. LongFin, which went public at just more than $5 a share, ended Monday at $72.38 after saying it bought a crypto-currency business it already basically owned with no revenue. The shares climbed as high as $142.82, swelling the company’s market capitalisation to more than $7bn at one point. "LongFin gained what, $4bn in market cap? Is that justified?," one anchor asked Meenavalli in the interview after the CEO had repeatedly told the journalists that they ...
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