Origin
Facebook went public on May 18, 2012, with a $104 billion valuation—the largest tech IPO in history at the time. The stock opened at $38 per share amid massive hype. Technical glitches on NASDAQ delayed trading, foreshadowing a rocky start.
Cultural Impact
The IPO was supposed to be triumphant but quickly turned controversial. The stock plunged 50% within months as investors questioned mobile monetization and growth sustainability. Early employee millionaires faced “29 and rich” think pieces. Zuckerberg married Priscilla Chan the day after the IPO.
The hashtag tracked both the wealth creation (early employees became instant millionaires) and the stock’s painful decline. Critics questioned if social networks could sustain valuations. NASDAQ faced lawsuits over technical failures.
Platform Evolution
Peak usage occurred May-August 2012 during the IPO and immediate aftermath. The stock eventually recovered, vindicating Facebook’s mobile pivot. By 2024, Meta’s market cap exceeded $1 trillion. The troubled IPO became a footnote in a successful long-term story.
Sources: