Shares of online bank and financial services provider SoFi Technologies (NASDAQ: SOFI) are down 64% since the bear market began in earnest on the first trading day of last year. But its stock price decline actually started a full year earlier, when it was announced on Jan. 7, 2021 that SoFi would be going public via a SPAC merger. The stock price of the blank check company that would become SoFi peaked on Feb. 1; shares are down a brutal 78% since then while the S&P 500 is up about 9% in total returns. 

That's a painful combination of both losses and lost opportunity. 

SoFi's stock sell-off is the product of a number of things. First is the gorilla in the room that was the combination of the explosion in the number of companies that went public via SPAC riding that massive wave of investor exuberance, leading to extreme valuations that have since washed out and cost investors billions in losses.

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Source Fool.com