RIP Wirecard, down 97% since revealing its $2.1 billion black hole

Embattled German fintech firm Wirecard said it would be filing for insolvency over the $2.1 billion ‘black hole’ that’s led to the arrest of its CEO Markus Braun. The Frankfurt Stock Exchange had earlier suspended trade in preparation of the announcement, Reuters reports. Wirecard is notably the first member of the exclusive DAX index to declare itself insolvent. Wirecard stock had already fallen by 89% since last Wednesday — from $104.50 to below $12 — after the company disclosed its auditors had refused to sign off on its annual financial statements, citing 1.9 billion euro ($2.1 billion) in missing assets. [Read: Wirecard’s…

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