This means when something that used to be great is done for good. Comes from the show Happy Days... There was one episode near the end where the Fonz rode a shark, and after that, the show was kind of down the tubes. Like when Felicity cut her hair.
"Yo--where's your girlfriend?" "Eh, bitch is gone--she rode the shark"
by Rachicago April 10, 2008
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