We’ve had a beef with Facebook for Years (impossible beef, since it’s Facebook). The Social media beast trampled on our speech because they didn’t like it, so is this Karmic revenge? While the markets have taken a beating under Biden (down 30+ percent), Meta (Facebook) is down 67%.
Facebook parent Meta Platforms is making a huge investment in virtual reality, but its actual reality is looking like a real disaster.
Meta shares tumbled 24% on Thursday to its lowest level in nearly four years following an earnings report that one Wall Street analyst described as a “train wreck.” … with its shares down 67% from a year earlier compared with the tech-heavy Nasdaq’s 31% slide over the same period. Meta’s plunge translates into an eye-popping loss of about $700 billion in market value.
When the Market thought you were worth a trillion, and then you lose 700 billion in value, that’s not exactly a sign of confidence. It also has real-world consequences. According to Bloomberg (via ABC), The Zuckerberger Meister Berger has watched as 88 Billion of his own “worth” has vanished alongside Metas.’
People are not flocking to the Metaverse as advertising on Facebook declined, and here’s where that bitch Karam comes in to bite you on the ass.
The people the Zuckerberger Meister Berger spent tens of millions on to get elected in 2020 – to which we should add the investment in time and personnel massaging what speech people see on Facebook – have wrecked the economy. What might once have been discretionary revenue for ads is not chewed up by increased operating costs (fuel, electricity, water, – food, and everything else).
That’s not getting better, and while the Z-man is still worth about 37 billion, his businesses and the stockholders are suffering. Imagine if some deep-pocketed billionaire made a play for the shares and pushed Mark onto the digital street.
Sorry, just dreaming. You know, go woke, go “broke” and all that.
Elon is at Twitter trying to ensure balance – equal time and space for both sides, so maybe we’re a bit giddy about competing on ideas instead of being shadowbanned, blocked, and blacklisted by the platform.
And while the Zuckerberger Meister Bergerwouldn’t be broke, seeing him knocked off his pedestal (as a result of his meddling) would be cathartic, given how many have been wronged by Facebook’s partisan policies and standards.
HT | CBS News
