This stock and GoPro had a fairly clear future when they came public. Both were outrageously hyped by the media, the wall street selling machine, and absolutely devoured by "retail"/public buyers as well as to some extent professional portfolio managers. AND both were so well received for reasons based on a fallacy, an error in judgment, and to some extent deception.
In the case of TWTR it is straight forward: Users are typically the media type, so they absolutely love it (although for the most part nobody cares or reads what they "tweet")... So yeah to those types it is the greatest thing since sliced bread... And so they proclaimed!!! A frenzy ensued. Of course the hoards of user-fans fed the frenzy of crazed speculation. Hearts will be shattered. It's a fee messaging app. Gonna be super-tough to monetize that 140 character crap & the "network effect" was a lost battle, Facebook owns the network.
GPRO was more of a fan-boy phenomena, but it probably helped that Nick Woodman's father & step-father are an investment banker & private equity guy. The premise was that it was a merely a platform upon which many new other exciting businesses would be built - A premium was paid for non-existent future businesses that may or may not come to be. How crazy is that? Then there was the hope that Mr. Woodman would be the next Steve Jobs - Ludicrous.
The interesting thing is that both stocks followed a similar pattern, rising sharply (full retard mode) after the IPO, and eventually succumbing to a long, drawn out drop toward reality.