Meta Erases $251 Billion in Value, Biggest Wipeout in History

Meta Erases $251 Billion in Value, Biggest Wipeout in History

By Dave Oneegs Aussie Chat

Zuck and Meta just got absolutely smashed.
Guess that’s what happens when you censor the truth, are complicit in the jab genocide and groomers are part of your community standards.

———————-

Meta Erases $251 Billion in Value, Biggest Wipeout in History

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 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.”

The sheer size of Facebook’s collapse illustrates just how tech companies have ballooned in size to become behemoths with unprecedented market power, and the drama that can ensue when they stumble.

“Lots of U.S. megacaps are priced as growth stocks. They may suffer more in a rising yield environment, especially if growth becomes more questionable,” said Frederic Rollin, senior investment advisor at Pictet Asset Management.

Meta Slumps With Targets Slashed on TikTok Threat: Street Wrap

Meta “finds itself in the middle of a perfect storm,” wrote Youssef Squali, an analyst at Truist Securities.

Twitter Inc., Snap Inc. and Pinterest Inc. all closed lower Thursday and dragged the Nasdaq Index down 4.2%, its worst selloff since September 2020. Meta shares rose 1.4% after hours.

Meta’s market cap as of Wednesday’s close stood at roughly $900 billion. The company makes up one of the original Faang cohort of tech megacaps, including Google’s parent Alphabet Inc., Amazon.com Inc. and Apple Inc.

It’s not the first time Meta shares have dropped dramatically. The stock plunged 19% in July 2018 on a slowdown in user growth, translating to a about $120 billion decline in market capitalization. At the time, it set the record for the largest-ever loss of value in one day for a U.S. traded company.

“We’re hopeful the company kitchen-sinked the outlook,” said Shyam Patil, an analyst at Susquehanna Financial Group.

 

EDITOR’S NOTE:

As mainstream media dies, Truth Group and its platforms expect to rise as alternate independent media and alternate social media is booming. Every billion in market cap Facebook lose is for other censor-free social media companies like Truth Group to gain. Truthbook.social, the censor-free alternative to Facebook with tens of thousands of users already posted over 150,000 posts in its short time since soft launch, with many becoming available soon.

An array of Truth Group new apps, designed to replace the major social media networks, under one brand the “Truth” Brand created by the Truth Group include Truthbook.social (alternative to Facebook), TruthTweet (a Twitter alternative), TruthTok (a Tiktok alternative), TruthTube (YouTube alternative), TruthLook.com (a censor-free search engine), TruthGram (Telegram alternative) Truthpix  (Instagram alternative), TruthMeet (zoom like conferencing), and TruthChat (a messenger alternative), all designed to be censor-free, and with many being designed, so that a post to one, can be sent automatically to many.

 

Resources:
https://t.me/daveoneegschat/14234
https://www.bloomberg.com/news/articles/2022-02-03/meta-set-for-200-billion-wipeout-among-worst-in-market-history

Orginal Source

Enter Email to get CNBS Daily News