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People say Bitcoin is volatile.
Bitcoin never lost 23% in half an hour.
RT:
Shares of Facebook’s parent company Meta went into a nosedive after the markets closed on Wednesday, following an underwhelming quarterly report, the first since CEO Mark Zuckerberg announced the name change.
The stock stood strong at $323 a share when the markets closed at 4 pm EST, but collapsed to $249 just half an hour later, for a loss of almost 23%. In just the first eleven minutes of after-hours trading, $16 billion in Meta’s market cap had been wiped out.
What triggered the sell-off was Meta’s quarterly report showing lower revenue, earnings per share, and the numbers of daily and monthly active users than expected by investors.
Meta EPS misses
User growth falls short
Revenue forecast missesMega-cap companies behaving like penny stocks. Brutal 👇 pic.twitter.com/H94A0eACUB
— Jonathan Ferro (@FerroTV) February 2, 2022
Whereas the investors expected around $30.15 billion, Facebook’s figures showed $27-$29 billion, CNBC reported, citing a Refinitiv survey of market analysts. According to the same source, earnings per share came in at $3.67, short of the expected $3.84.
Okay.
Well, it’s nice to gloat and so on.
But none of these mega corporations are ever going away, sort of societal collapse. They are entrenched, effectively de facto branches of the government.
I feel like every time there is some kind of seemingly good news, I’m like “let me tell you why this isn’t actually good news.”
Look, I just try to keep it real.
I support the truckers, I support Facebook stock collapsing – I’m just telling you, at the end of the day, the things that really matter are probably going to be massive screwups on the geopolitical stage.
