THG PLC Founder Matthew Moulding had reason to boast in February when he declared on Instagram that he had logged "500 consecutive days of making it into the gym.”

He had plenty of other milestones to celebrate, too, including becoming a billionaire thanks to THG’s initial public offering in 2020. The company’s shares were trading near a recent record high, with customers and investors alike impressed by THG’s focus on products — such as makeup and fitness supplements — which have become wildly popular with social media users.

The good times didn’t last. THG shares soon began a steady decline, which turned into a collapse in October his year. The stock fell 78% from its January high after the company failed to convince shareholders that it wasn’t just an e-commerce firm, but also a high-tech software platform.