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Amwell (American Well)

Healthtech / telehealthUSA
New to Unitard
📉 Public < $1B
Peak $4 BillionRecorded estimate
~-93%
from peak
  1. 🦄
    Became a unicorn
    2020
  2. 📈
    Peak valuation
    $4 Billion ’21
  3. 💔
    Became a Unitard
    2022
  4. 💸
    Last valuation estimate
    ~$280M
Current status
Public (NYSE: AMWL); did a 1-for-20 reverse split (2024) to keep its NYSE listing

The rise & fall

7 moments · 2006–2024

The key moments, with employee sentiment along the way.

2006
Founded by the Schoenberg brothers
Ido and Roy Schoenberg start American Well to put doctor visits online.
Wikipedia
Sep 2020
A marquee pandemic IPO
Lists on the NYSE at roughly $4B, with Google among the investors.
CNBC
2021
The peak: ~$4B$4B
The stock tops out early in the year with telehealth still riding lockdown demand.
stockanalysis
2021–22
The telehealth boom fades
In-person care returns, Teladoc-league competition intensifies, and losses mount.
CNBC
2022
Slips out of the club
Stalled growth drags the market cap below $1B.
stockanalysis
From the inside · Glassdoor reviews, 2022–24
Glassdoor reviews through the slide repeatedly flagged the dual-CEO structure as unwieldy, described layoff rounds employees came to expect almost yearly, and said repeated cuts set colleagues competing to keep their jobs rather than collaborating, amid constant re-orgs and shifting strategy.
Jul 2024
A 1-for-20 reverse split
Amwell reverse-splits to keep its share price above the NYSE minimum.
Investing.com

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

Amwell (American Well) is a telehealth platform connecting patients with doctors, and it was a marquee pandemic IPO — going public in September 2020 at roughly a $4B market value, with Google among its investors. As in-person care returned and competition from Teladoc and others intensified, growth stalled and losses mounted. The stock fell about 93%, and in 2024 Amwell ran a 1-for-20 reverse split to stay above the NYSE's minimum price.

Source: stockanalysis / companiesmarketcap / Investing.com (~$3.96B market cap at Sept 2020 IPO, peaked higher early 2021; ~$88-300M market cap by 2026; 1-for-20 reverse split July 2024)

Founders

  • Ido Schoenberg
    Chairman & CEO / co-founder
    Still there — Chairman and CEOLinkedIn ↗
  • Roy Schoenberg
    co-founder & former CEO
    Now Amazon Health Services at AmazonLinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.

Disclosed investors (16)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard

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