Wish (Decline)

Wish's stock collapsed 98% as the discount e-commerce platform discovered that 'cheap stuff from China' wasn't a defensible business model. The company had acquired customers with Facebook ads, but those customers didn't return—the experience of waiting weeks for products that often didn't match their pictures wasn't repeatable. Like an organism that catches prey once but can't hunt the same territory twice, Wish exhausted its addressable market.