META Serves up the Biggest Wipeout in Market History


Reuters

Meta Platforms Inc.’s one-day crash now ranks as the worst in stock-market history.

The Facebook parent plunged 26% Thursday on the back of woeful earnings results, and erased about $251.3 billion in market value. That’s the biggest wipeout in market value for any U.S. company ever.

And while the stock could certainly bounce back in coming days, especially given the volatility that’s gripped the technology sector this year, the mood on Wall Street has turned decidedly bleak on the long-time market darling. Analysts are pointing to the stiff competition that Meta now faces from rivals and to the fact that revenue was below expectations as causes for concern. Michael Nathanson, an analyst at brokerage Moffett Nathanson, titled his note “Facebook: The Beginning of the End?”

“These cuts run deep,” he wrote. The results were “a headline grabber and not in a good way.”

Investment advice is about the least-qualified topic I might offer advice on. I enjoy managing my own retirement account. And television, streaming or otherwise, is pretty much barren and uninteresting. My daily sum-total of time on the major networks news shows probably adds up to less than a half-hour. And I’m a news junkie…always have been. Recreational news watching limits me to Bloomberg TV. Not always interesting; but, depending on guests, most of it ain’t bullshit or mystical crap. What comes from Bloomberg staff is pretty much always interesting and professional. As witnessed by the waiting line of networks ready to steal their staff.

Oh…and Facebook. They could disappear overnight and I wouldn’t notice the “loss”.

4 thoughts on “META Serves up the Biggest Wipeout in Market History

  1. Michelle Meaders says:

    Don’t you have pretty good public radio and TV there?
    In ABQ we have five channels of PBS, and three public radio stations.
    Whta about KSFR in Santa Fe?

    • eideard says:

      They’re all fine, talented, competent staff and news readers. When the news is on.

      I’m a pretty typical news junkie. I want access 24 hours a day, every day. That’s what news channels should provide. Public radio/TV correctly tries to speak to all aspects of our lives…not just news.

  2. 4theRecord says:

    Peter Thiel, one of the longest-serving board members of Meta, the parent of Facebook, plans to step down, the company said on Monday.
    Mr. Thiel, 54, wants to focus on influencing November’s midterm elections, said a person with knowledge of Mr. Thiel’s thinking who declined to be identified. Mr. Thiel sees the midterms as crucial to changing the direction of the country, this person said, and he is backing candidates who support the agenda of former President Donald J. Trump.
    Over the last year, Mr. Thiel, who has a net worth estimated at $2.6 billion by Forbes, has become one of the Republican’s Party’s largest donors. He gave $10 million each last year to the campaigns of two protégés, Blake Masters, who is running for a Senate seat in Arizona, and J.D. Vance, who is running for Senate in Ohio. https://www.nytimes.com/2022/02/07/technology/peter-thiel-facebook.html
    Mr. Vance, who used to work at one of Mr. Thiel’s venture funds, and Mr. Masters, the chief operating officer of Mr. Thiel’s family office, have railed against Facebook. In October, the two Senate candidates argued in an opinion piece in The New York Post that Mr. Zuckerberg’s $400 million in donations to local election offices in 2020 amounted to “election meddling” that should be investigated.

  3. Piker says:

    “Facebook’s owner Meta is warning users that as many as one million users may have had their login information stolen.
    Meta’s researchers have discovered more than 400 malicious Android and Apple apps designed to steal personal Facebook logins.
    A Meta spokesperson said the company is reaching out to the users who may be at risk.” https://www.cbsnews.com/pittsburgh/news/meta-warns-as-many-as-one-million-facebook-users-that-their-logins-may-have-been-compromised/

    “Facebook parent company Meta, at the behest of CEO Mark Zuckerberg, has poured billions of dollars into its Horizon Worlds, the Quest headset app that, for now, forms the backbone of the company’s metaverse efforts.
    But for all that green, it’s become more of a laughingstock than a flagship virtual world.
    And now, according to leaked memos obtained by The Verge, it sounds like Zuck’s metaverse is so glitchy that even the employees building it barely use it. The situation has become dire enough for Metaverse VP Vishal Shah to enforce a “quality lockdown” for the remainder of the year to “ensure that we fix our quality gaps and performance issues before we open up Horizon to more users,” according to his September 15 memo.” https://www.theverge.com/2022/10/6/23391895/meta-facebook-horizon-worlds-vr-social-network-too-buggy-leaked-memo

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