Poshmark (Decline)

Poshmark, the social commerce resale platform, was acquired by Naver for $1.2 billion in 2023—a 70% discount to its IPO peak. The company had pioneered social selling but couldn't defend against competition from eBay, ThredUp, and Depop. Like an organism that creates a new niche only to watch competitors flood in, Poshmark's innovation attracted imitators faster than it could build moats.