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10 Biggest IPO Flops in History

        Money | The Stock Market


Launched in 1995, was one of the first big social media Web sites, places where members around the world could create, customize and share their own content.

In 1998, at the "anything goes" peak of the Internet boom, founders floated the idea of going public, but then retreated, citing reports of a sagging online advertising market and a cooling of investor interest [source: Kawamoto]. A month later, they decided to go for it anyway, a decision that paid off handsomely -- at first.

The IPO stock was offered at $9 a share and skyrocketed to $65 by the end of the trading day, marking the largest single-day gain to date -- an incredible 606 percent [source: TheGlobe].

But the party didn't last. The darling of the IPO world soon became the poster child for the dot-com implosion [source: Shim]. When the bottom fell out of the online advertising market in 2000, scrambled to find new backers and an alternative business model. By 2001, it had cut half its workforce and sold its major Web properties.

Today, is just a single page of text recounting the classic Silicon Valley saga of boom, bust, try to crawl back -- and then die.