Tag Archives: Meta

Meta Makes Huge Mess Afterhours, Enters my “Imploded Stocks,” after Tech & Social-Media Already Messed up the Day, by Wolf Richter

Posted on October 27, 2022 | Leave a comment

Maybe tech’s leftist garbage is catching up to it. From Wolf Richter at wolfstreet.com:

Meta shares plunge 19% after hours, for a total plunge of 24% for the day: metaverse woes, online advertising, expenses.

So now, after the mess that Big Tech and Social Media companies made during the day, Meta Platforms is making a huge mess afterhours, after it released its quarterly earnings, with its shares down 19% at the moment, after having already plunged by 5.6% during the day. Combined during regular trading and after-hours trading, shares have plunged 23.8%.

Shares are now trading at $104.78, the lowest since February 2016, down 72% from their high in September 2021 (data via YCharts):

Inducted into my “Imploded Stocks.”

Having plunged by over 70% from the high, Meta now qualifies for, and is thereby officially inducted into my Imploded Stocks. It’s the biggest name in this noble group so far, that started out in the spring of 2021 with just a bunch of crazies, SPACs, and IPOs but has been encompassing ever larger companies since then, in a sign of how the greatest stock market bubble ever started coming unglued beneath the surface in February 2021 and just keeps coming unglued.

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Texas Sues Facebook For Hundreds Of Billions Of Dollars For Abusing Facial Recognition Tools, by Tyler Durden

Posted on February 15, 2022 | Leave a comment

Social media data harvesting may run afoul of state privacy laws. From Tyler Durden at zerohedge.com:

Users of Meta Platform’s popular social media ecosystems like Facebook and Instagram will likely remember how the company abandoned its facial recognition tools on the apps back in November. The feature scraped visual data from the platform to identify people in newly posted photos, and abandoning it dramatically reshaped Meta’s attempt to retool its platforms, including plans to launch a child-only iteration of Instagram that would have functioned as a separate platform.

But the company’s plans to abandon these controversial tools didn’t go far enough, and now the Texas AG is suing the tech behemoth for hundreds of billions of dollars for flagrantly violating the state’s laws surrounding data privacy: WSJ reported Monday morning that Texas’s attorney general has filed a lawsuit against Meta in state district court for illegally collecting metadata belonging to Texans using its facial recognition tools.

Meta didn’t respond to a WSJ request for comment, but Paxton and his office said the following:

“Facebook has been secretly harvesting Texans’ most personal information – photos and videos – for its own corporate profit,” Mr. Paxton said. “Texas law has prohibited such harvesting without informed consent for over 20 years. While ordinary Texans have been using Facebook to innocently share photos of loved ones with friends and family, we now know that Facebook has been brazenly ignoring Texas law for the last decade.”

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Meta – the moment the bright star dimmed? By Bill Blaine

Posted on February 3, 2022 | Leave a comment

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…

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