Trump: “Facebook Has Been Doing Very Poorly Since They Took Me Off”
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The banning of Trump has backfired on big tech.
Donald Trump called Facebook’s decision to ban him one of the worst decisions in history.
Sadly, Facebook has been doing very poorly since they took me off. It has lost $750 Billion in value, and has become very boring. Hopefully, Facebook will be able to turn it around. Maybe their first step should be to get away from the ridiculous change in name to Meta, and go back to “Facebook.” Whoever made that decision, and the decision to take me off, will go down in the Business Hall of Fame for two of the worst decisions in Business History!
Back in October, Meta’s stock plunged – it lost $700 billion in market value.
Facebook parent Meta Platforms is making a huge investment in virtual reality, but its actual reality is looking like a real disaster.
Meta shares tumbled 24% on Thursday to its lowest level in nearly four years following an earnings report that one Wall Street analyst described as a “train wreck.” It’s a far cry from the company’s position nearly a year ago, when CEO Mark Zuckerberg on October 28, 2021, announced with great fanfare that Facebook was changing its name to Meta Platforms to emphasize its focus on the “metaverse.”
Last fall, Facebook was still riding high: Its market value reached a peak of more than $1 trillion in September 2021. Revenue and profits were surging as advertisers flocked to Facebook and Instagram to reach their billions of users.
To be sure, practically the entire tech industry has taken a beating this year, but Meta’s stock plunge has far outpaced the overall sector, with its shares down 67% from a year earlier compared with the tech-heavy Nasdaq’s 31% slide over the same period. Meta’s plunge translates into an eye-popping loss of about $700 billion in market value.
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