You have to consider that from the moment they bought revenue...

You have to consider that from the moment they bought revenue with shareholders money the business was going to start getting measured in a PE basis.
My take is that the huge share price slide essentially started as new shareholders began to consider this an M&A business at least in the short term. The measure of success then becomes improving the PE ratio.

Whereas before it was a start up with entrepreneurial management building something from scratch. The SP was driven by sentiment because as long as you believed they could build something the sky was the limit.