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Renren’s Better-Than-Facebook Label Wiped Out in Rout

Back in May 2011, investors were giddy about the chance to buy a piece of Renren Inc.

The Chinese networking website was seen as such a can’t-miss stock on Wall Street that its initial public offering fetched a price that made the company more than twice as valuable as Facebook Inc. At $14 a share, Renren debuted at a level equal to 72 times annual sales.