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Today , the popular cloud storage and productivity company, saw its shares’ value fall under their IPO value. The company went public at $21 per share听补苍诲 opened at $29. It trades for $20.70 at the time of writing.

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Of course, Dropbox is not alone in seeing its value retreat in recent weeks. High-flying technology companies like Apple, Amazon, and Facebook have seen their values erode as well. And cloud-focused stocks as a whole have given up extensive value in recent trading sessions.

The Nasdaq, a tech-heavy index often viewed as a working proxy for the tech industry, is off 19 percent from its 52-week highs. In simpler numbers, the Nasdaq broached the 8,000 level before falling under 6,600 today.

The recent market turmoil in tech is not an isolated result. Political instability, rising trade tensions, war, and other crises exist around the world, adding to economic concerns in Europe, Asia, and South America. Seeing the values of tech shares fall after their dramatic run in recent years is not surprising; when growth begins to fade in the expectations of many, companies priced on high levels of expected growth will get聽dinged.

But for Dropbox, the decline is notable all the same. Today, the company is worth $8.3 billion . That is a healthy figure, but one that is beneath both its highest private-market valuation ()听补苍诲 its peak value as a public firm.

Dropbox has shed over 50 percent of its value, compared to its 52 week high.

I’ll leave this here, as I wanted merely to mark a moment I’ve been tracking for a while. That Dropbox is now worth less than its IPO price is likely immaterial for the company, which generates cash and thus doesn’t need to raise external capital. But it could serve as a warning sign all the same for the market. If Dropbox’s value is under pressure, what’s happening to yours?

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