Couldn’t happen to a better Big Tech tyrant.
Meta Platforms, formerly Facebook, is the latest casualty tied to inflation with shares down over 20%, wiping out more than $200 billion in market cap and on pace to the largest single-day drop for any U.S. company, as tracked by Dow Jones Market Data group.
“We’re hearing from advertisers that macroeconomic challenges like cost inflation and supply chain disruptions are impacting advertiser budgets,” the company disclosed in its fourth-quarter earnings release.
……Facebook ended the 2021-year dealing with a public relations crisis after whistle-blower Francis Haugen went public with allegations that the tech giant ignored questionable and harmful content to focus on profits, among other things. Facebook disputed many of her claims.
Haugen released a trove of documents related to her claims to multiple news organizations at the same time, including FOX Business.
Additionally, the company’s ticker FB will change to META in the first half of the year while continuing its listing on the Nasdaq.
Zuck poured a lot of money into orchestrating influence in the 2020 election and supporting the regime that created the skyrocketing inflation and supply chain disaster.
And they’re losing users:
Facebook lost daily users for the first time in its 18-year history in the final quarter of 2021, which CEO Mark Zuckerberg believes was caused by the TikTok boom.
The social media giant’s devastating earnings report on Wednesday sent Facebook shares plunging more than 20 percent, wiping more than $200 billion off the company’s market cap and erasing $29 billion from Zuckerberg’s net worth.
Facebook reported a drop of nearly 500,000 in daily logins during the last three months of 2021.
If all goes well, Zuck’s business will go tits up.