The Social Media Bubble

What did you think when social media giants went public and stock began to show signs of legitimacy? May 18, 2012 was opening day of Facebook's IPO and stocks closed at $38. Nearly a two years later, stocks were up to $68 per share. This seems impossible given the reason that Facebook chose the IPO route was because of slowing membership and usage.
So, what is the Facebook appeal? Facebook started out a place where networks of family, friends, et could communicate, post pictures, and stay connected. People could share their views on this platform that reached far more people than their immediate sphere of influence. People could give instant gratification by "liking" others' photos and/or thoughts. Initially millions of people joined Facebook and it was a novel idea. While it still has it's appeal, younger crowds have left Facebook for less public forums like Snapchat and Instagram.
So, where does Facebook stand today? It seems that Facebook, as well as many of its competitors are struggling to maintain the upward trajectory. On June 13, 2017, Facebook closed at $150.68. The article I found for this week, " Tech sell-off continues with Apple, Google, Amazon, Facebook suffering, " discusses the idea that we may be existing in a social media bubble. According to this article, the recent stock price drop wiped out approximately 2 billion dollars from Mark Zuckerberg's net worth. Considering the recent stock price drop, do you think this is true or just a blip in the upward trajectory? Have you invested in Facebook? If so, how long did you hold on to that stock? What makes Facebook stock valuable? Have many of the tech companies lost their mojo now that competition continues to even out with similar features across the board? If you haven't bought Facebook stock, would you today? Why or why not?