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Robinhood went public at around $38 a share, climbed its first couple weeks to over $55, then dropped like a rock to like $8 a share. Also look into Beyond Meats.
A lot of big name recognition companies have this happen to them during bull markets. There's an initial run up, followed by a massive over correction and things don't stabilize for at least 6 months after the drop off. As well as reddit is known, it's going to be a hard rug pull.
Same for Rivian. Its IPO was at $78 per share, it climbed up to $130 and it's at around $10 now.
Ugh, don't remind me. I lost my ass on them
Be in the market a while and everyone's lost their ass on a thing or two. You slowly and painfully learn to take the L and bail out of stuff sooner. That helps.
Then sometimes things are just completely out of your control and something happens to a company overnight and you just get obliterated before you/ your broker is able to do anything about it.