Meta (formerly Facebook) stock in freefall, down 21% today

[Sgt_Kickaxe]

Meta stock (formerly called Facebook) is down a whopping 21% in after hours trading. It closed at $323 a share but IMMEDIATELY dropped to $256 after close and is continuing to fall.. Daily users declined in their biggest market(USA & Canada) by 1 million users in the last quarter. Today's earnings report has spooked investors but things took a nosedive right after markets closed, who knows where it will be in the morning, . [msn.com...]

I'm not surprised with the user loss, You either have the approved thoughts about everything or you're canned, even if discussing among like minded groups of friends and not harming anyone.

*update at 8pm, it's holding at $248.50, the spin should be interesting to read in the morning.

[Sgt_Kickaxe]

A day later... Facebook is saying the world record loses are due in large part to Apple's IOS changes which are costing Meta billions. Shares are down another 2%.

The market isn;t buying it and considers Meta to be dead money for the forseeable future. Google, Amazon and other tech companies all gained value. Even SNAP, the Snapchat parent gained 40% in market share for turning a profit.

Was the writing on the wall for Facebook? Is the all-in to create a "metaverse" a hail mary knowing they were highly vulnerable? Not many are saying they want to turn off the real world to live in the metaverse Zuckerberg is describing. 10 Billion dollars were put into metaverse efforts and, so far, it's only returned 2 billion in earnings.

Yesterday's biggest surprise was at Amazon, they earned more from their ad networks than Youtube did.

[Kendo]

I stumbled upon a news article earlier today about parents buying real estate in the metaverse for their children. One reported that it is better to invite meetings at one's own place than in Zoom for a better atmosphere where you can control decor. Another article was about a gang rape while beta testing metaverse.

Who needs this stuff?

[tangor]

That's what happens when the original "friends and family" connections become something different.

All the changes in recent years diluted the original concept---which was a winner.