I remember vividly that when Facebook stock price went down to less than half of its IPO value, the whole HN community was convinced that Facebook was a just fad. Well, more like vindicated. Everyone was glad that reality was reconciled with their world view, including myself. How wrong we have been.

Since then I have learnd to reserve judgment for any company, regardless of how their IPO goes.

The Snap S-1 noted slower DAU growth due to Instagram.

or Dumb Money, depending on your position

Very similar to Lyft and Uber it seems

Nah, that's just hindsight bias because loads of people claiming objectivity thought that about FB too.

And they were crowing when FB hit 16. But they were wrong all throughout.