The Social-Web IPO Window Is Now Closed

Facebook's campus in Menlo Park, California Photograph by David Paul Morris/Bloomberg

This isn’t how things were supposed to unfold with Facebook’s IPO. The social network’s public offering was supposed to be a once-in-a-lifetime moonshot, triggering a frenzy of interest in other social-web companies that would then ride that wave of demand to equally successful IPOs. At least, that’s what plenty of venture investors seemed to be thinking as they pushed up the private-market valuations of Facebook—which was supposedly worth $100 billion not long ago—and every other company with a social component, including Twitter.

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