No, people distinctly remember that when the first
wave of hype about the web came along, the public was being encouraged to buy books on Amazon.com, other stuff on eBay.com browse masses of content on Yahoo and AOL and of course post lots of messages on the social media of the day. Most of this interaction was free to the user not an "investment", and it was recognisable as a slower and lower resolution version of most of what we had today by the middle of the first decade of the Web.
The Internet existed before then in various forms, but never as an industry of rich people trying to convince poorer people to invest all their savings in email.