Investors Are Un-Friending Social Media

Tech IPOs floated like butterflies. Now they’re stinging like bees.

On Wednesday shares of Groupon dropped below the $20-a-share price of the daily-deals company’s recent $805 million initial public offering.

Limiting the share float as part of their initial public offerings helped Groupon, LinkedIn and Pandora Media achieve bubbly valuations early on. But they have since seen their shares fall more than 30%-40% from their first day’s close.

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