Enhanced Group Shares Plummet 50% After Las Vegas Debut

Shares of Enhanced Group (ENHA), the company behind the Peter Thiel-backed Enhanced Games, dropped by approximately 50% on Tuesday following a disappointing debut event in Las Vegas. According to BeInCrypto, the startup, which went public this month with a $1.2 billion valuation, has seen its market value decline by hundreds of millions over the past three weeks. The Las Vegas event, held on May 24, featured 42 athletes and offered a $25 million purse, but only one unofficial world record was set. Greek swimmer Kristian Gkolomeev earned a $1 million bonus for his performance. The stock's decline reflects investor skepticism about the company's 'steroid Olympics' concept.