The slide was exacerbated by concerns over $100bn of shares that are expected to hit the market on August 6th, after the expiry of a lockup period following the listing that prevented early backers, executives and employees from cashing out.

At its latest survey, in 2021, four-fifths of dsa members over the age of 25 had a college degree—twice the share of American adults. A third had a postgraduate degree and a third were gay or queer. Ashik Siddique, a co-chair of the dsa, says it is the largest queer membership organisation in the country. Members found to be working as cops can be expelled.