Miguel Afonso Caetano on Nostr: "In 2022, Meta lost nearly $240 billion in market value in a single day — the ...
"In 2022, Meta lost nearly $240 billion in market value in a single day — the biggest one-day drop in company value in the history of the US stock market at the time — after it reported a slight decline in daily active Facebook users and an 8% drop in quarterly profit.
That hits Zuckerberg where he lives, because he’s the biggest individual shareholder, says Cory Doctorow, a journalist, author and activist with the nonprofit Electronic Frontier Foundation. But more importantly, stock swings hit the rich-but-not-billionaire-rich class of Meta executives.
“Zuckerberg is insulated from the consequences of making bad choices until he’s not — until things reach a breaking point… and then he tends to panic,” Doctorow told me. “Tech calls these panics ‘pivots,’ but they’re just the outcome of being the CEO of a company that posts anemic growth or even a contraction and sees the Street just go nuts on you.”
Past “pivots” have included the Metaverse, the sci-fi nonsense that Zuckerberg pitched as the future of the company three years ago. More recently, Meta is testing out its own AI-generated “users” in an apparent ploy to goose engagement.
“They’re now at the end of a long run of extremely bad choices,” Doctorow said. Which is not to say Meta is doomed, per se. “But I think that they are on the path to becoming a kind of zombie — like MySpace is today. MySpace still exists. It’s just AI-generated slop and spam.”"
https://edition.cnn.com/2025/01/08/business/meta-facebook-zuck-trump-nightcap/index.html
#USA #SocialMedia #Trump #Meta #Facebook #BigTech
That hits Zuckerberg where he lives, because he’s the biggest individual shareholder, says Cory Doctorow, a journalist, author and activist with the nonprofit Electronic Frontier Foundation. But more importantly, stock swings hit the rich-but-not-billionaire-rich class of Meta executives.
“Zuckerberg is insulated from the consequences of making bad choices until he’s not — until things reach a breaking point… and then he tends to panic,” Doctorow told me. “Tech calls these panics ‘pivots,’ but they’re just the outcome of being the CEO of a company that posts anemic growth or even a contraction and sees the Street just go nuts on you.”
Past “pivots” have included the Metaverse, the sci-fi nonsense that Zuckerberg pitched as the future of the company three years ago. More recently, Meta is testing out its own AI-generated “users” in an apparent ploy to goose engagement.
“They’re now at the end of a long run of extremely bad choices,” Doctorow said. Which is not to say Meta is doomed, per se. “But I think that they are on the path to becoming a kind of zombie — like MySpace is today. MySpace still exists. It’s just AI-generated slop and spam.”"
https://edition.cnn.com/2025/01/08/business/meta-facebook-zuck-trump-nightcap/index.html
#USA #SocialMedia #Trump #Meta #Facebook #BigTech