Technology
Facebook just set a $119 billion record for failure
Mark Zuckerberg has done it again.
The Boy King of Silicon Valley is renowned for creating the world’s largest social network, potentially swinging at least one US presidential election, and suing native Hawaiians to keep them off his 700-acre-island estate. But on Thursday, he adds another questionable feather to his surveillance-capitalism cap: Overseeing the largest single-day stock loss in US history.
That’s right, it’s official: As of the closing bell today, Facebook’s market cap had dropped 19 percent. That’s a roughly $119 billion loss in value. You see, it seems that Wall Street wasn’t stoked Wednesday when the social media behemoth reported revenue and daily active-user numbers below expectations.
But it’s not all doom and gloom in Facebook land. After all, the haters were loving it.
For almost three hours today, CNBC live-streamed Facebook’s plummeting stock. “Facebook is plunging, erasing billions in market value,” the tweet teased. “Watch it trade LIVE.”
Oh, and people watched. Around 13,000 of them, in fact.
Others seemed to bask in the inarguably fun sight of an out of touch rich hypocrite getting even just the tiniest bit of financial comeuppance.
But unfortunately for all those wishing Zuckerberg himself would feel the squeeze, the CEO is still criminally rich, despite today’s crash. For starters, CNBC notes that Facebook’s market cap now sits at a comfortable $510 billion. Bloomberg, for its part, reports that Zuckerberg’s personal worth is still around $70.6 billion — making him the world’s sixth-richest person.
So in spite of today’s record decline, both Facebook and Zuckerberg will be fine. It’s too bad, really. They both might have benefited from a little reality check.
!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1453039084979896’);
if (window.mashKit) {
mashKit.gdpr.trackerFactory(function() {
fbq(‘track’, “PageView”);
}).render();
}
-
Entertainment6 days ago
Teen AI companion: How to keep your child safe
-
Entertainment6 days ago
‘Wallace and Gromit: Vengeance Most Fowl’ review: A delightful romp with an anti-AI streak
-
Entertainment5 days ago
‘Dragon Age: The Veilguard’ review: BioWare made a good game again
-
Entertainment5 days ago
Polling 101: Weighting, probability panels, recall votes, and reaching people by mail
-
Entertainment4 days ago
‘Only Murders in the Building’ Season 4 ending explained: Who killed Sazz and why?
-
Entertainment4 days ago
5 Dyson Supersonic dupes worth the hype in 2024
-
Entertainment3 days ago
When will we have 2024 election results online?
-
Entertainment3 days ago
Social media drives toxic fandom. Is there a solution?