Digital Island
The dot-com era's number two CDN, bought with billions in stock and sold for a fraction a year later.
Digital Island started out selling international network links and hosting to businesses and went public in 1999. To catch up with Akamai it soon bought Sandpiper Networks and its Footprint CDN service in an all-stock deal worth over a billion dollars on paper. That gave Digital Island both a backbone and a CDN, so it could sell the whole chain.
When the dot-com bubble burst in 2000–2001, the customers and the share price went with it. Britain's Cable & Wireless bought Digital Island in 2001 for a fraction of what Sandpiper alone had cost. The business then passed through several more owners and eventually landed at Level 3.