The $60 Billion Social-Media Heist
One of my father's favorite sayings was, "The more things change, the more they stay the same." I am reminded of that saying constantly as I watch the carnage over the last month or so in the social-media stocks (see chart below). The implosions in Facebook (FB), Zynga (ZNGA) and Groupon (GRPN) have cost investors some $60 billion from the highs of their initial public offerings.
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