Is tech wrecking? From Bill Blaine at morningporridge.com:
Meta’s collapse on the back of competition, regulation, and maturity (?) might just be the moment the whole New New Thang Bubble popped.
“Move fast and break things. Unless you are breaking things you are not moving fast enough.”
This morning: Meta’s collapse on the back of competition, regulation, and maturity (?) might just be the moment the whole New New Thang Bubble popped.
I’m afraid it’s a very short comment this morning – meetings, meetings, meetings, but the massive overnight collapse in Meta, or Facebook as I’m still thinking it’s called, was a critical moment for markets. It feels like that moment a plook (a zit to our American chums) just popped. It’s not a “supernova” event – like Enron – but it’s a good indication of what’s going to happen as limited shelf-life Tech firms mature..
Meta lost 20% of its value at one point after Mark Zuckerberg broke the cardinal rule of Tech and told the truth: Facebook has lost ground to newer, more hip, cool rivals like Tik Tok. If you want to know where it’s headed, look up Friends Reunited. Gosh…who knew? Competition is real? Tech evolves and old firms get eaten up for lunch by new firms? Really.. WOW.. (I’ve been saying for years… my kids think FB is for Grandparents.. it is.)
The other critical moment was Zuck’s comment it’s difficult to make money “where less data is available to deliver personal ads”. No Sh*t Sherlock. In a world where it’s being outcompeted, and regulators are establishing the primacy of personal data… Facebook is doomed. Good luck if you buy the story Meta has some special in to the Metaverse..
This morning’s quote – top line – is Zuckerberg’s own. I guess he’s not only not moved fast enough, but it’s also broken. Bureaucracies – which all mature businesses become, tend to self-repair very slowly…
