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.

If you'd like to get email from CJR writers and editors, add your email address to our newsletter roll and we'll be in touch.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.