But the pace of the decline is what’s unusual about Facebook’s launch, not the decline itself. Here are the other major social-media (or social-ish) IPOs of the last year:
— Groupon: -55 percent since Novemeber
— Pandora: -43 percent since June
— Zynga: -28 percent since December
— Yelp: -28 percent since March
Only LinkedIn is trading above its bankers’ price level, up 7 percent since last May. And it’s not exactly a discount purchase with a price-to-earnings ratio of 627.
The rest of the above companies (except Facebook) don’t have P/E’s. They lose money.