According to a Rome Business School analysis, Euronext lost 15% of its listed companies between 2019 and 2022, from 7,400 to little more than 6,300. Added to these are the 110 delistings in 2023, for a total market capitalization of €467 billion. Paris is the stock exchange that has experienced the most significant value losses: in 2023, it recorded 22 delistings from the primary exchange, which is equivalent to over €404 billion in market capitalization, surpassing even the 2019 peak of €392 billion. Milan, on the other hand, stands out for its volume: 24 transactions in 2023, primarily in the SME group, with 16 delistings, resulting in a €10 billion loss of market value on the main exchange. Exits from the Milan Stock Exchange persisted in 2024, resulting in a balance between IPOs and delistings in favor of the latter. Out of 23 listings, 29 were delisted, with 15 from the main listing and 14 from the growth segment. In this context, a decisive role in the companies’ decision to leave the markets is being played by activist funds, as highlighted by the Rome Business School report.