Wish stock has plunged 27% in two days and almost 80% since January as users flee

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In this photo iIllustration, the logo of the online e-commerce company Wish is displayed on the screen of an iPhone.Chesnot | Getty ImagesWish CEO Peter Szulczewski opened his shareholder letter last week in a way that was certain to scare off investors, who were already concerned about a company that had struggled since going public just eight months earlier."After a strong start to the second quarter of 2021, demand slowed due to a number of headwinds," Szulczewski wrote in the first sentence of the letter published late Thursday, alongside Wish's earnings report.Wish shares plunged 20% on Friday and continued sliding on Monday, dropping another 9% to close at $6.87. The company, which operates a discount e-commerce app, debuted at $24 a share in December and traded as high on $31.19 on Feb. 1. The stock has since lost more than three-quarters of its value.Wish reported a 6.4% drop in quarterly revenue from a year earlier to $656 million, while analysts expected a slight inc
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