25% of the value of Facebook “Meta” totaling over $200 billion disappeared this morning from the pages of its financial reports.
Mark Zuckerberg, chief Metaverse figure and internet oligarch has seen his own personal fortune fall $24 billion in a matter of hours.
Essentially the value of the full market cap of AT&T was wiped from facebook in a few erratic hours after bad financials and forecasting sent Facebook stock into a nosedive.
Facebook has actually lost 38% of its value since its high of September 10th at $378
Facebook has been losing money since last year’s Senate hearing where the CEO Mark Zuckerberg, dodged questions, acted oblivious to the company’s practices, and promised they would behave better. This hearing was a disaster for the company as their leadership looked inept at answering simple questions about where and how its content is created and promoted. Even though the panel took great lengths to try to make the CEO comfortable, he looked like a schoolkid who was caught smoking in the bikeshed.
The Fragile stock market shows cracks again.
Tech stocks are notoriously volatile and the NASDAQ has always been an over-inflated measure of companies’ wealth driven by institutional investors and the silicon valley VCs.
Facebook has been losing steam for years but has also managed to disenfranchise its userbase with many of the revelations that have come to light over the last few months.
Facebooks strategy of retargeting users with “fake News”, “Misinformation” and reports that it knowing has targeted teens causing emotional and stress-related disorders amongst a younger audience.
Facebook alienated its userbase with deceptive practices for years
The last few years have been unprecedented, a pandemic, an election, and worldwide protests over inequality. Facebook has been front and center of the information exchange using algorithms to bait users into conflict with each other.
Reports that much of the social and political divide can be attributed to Facebook’s radicalization of its users through targeted reactive content has also seen many users ditch the platform for a more normal life.
Facebook has reported less user engagement and less ad spending as it predicted as many of its “Russian” based media buyers get shut down by the Feds.
Facebook has cried wolf many times when things have gotten bad but as Shakespeare said “A rose by any other name”, so how could investors or the public believe a new name would offer any value to the company.
Trust is a 2 way street and when Mark Zuckerberg cannot trust his users to make up their own minds on news and politics but would rather dictate and deliver what his algorithm suggests. The Dictator and true Oligarch of the metaverse needs to relinquish his throne and give back control to the public.
Today many of the silicon valley elites are wishing they had backed another horse and taken heed of the impending collapse of this dying star of the Palo Alto Community.