Get Woke Go Broke: Green Crusading Facebook Share Price Plunges

Guest essay by Eric Worrall

According to Zuckerberg, the problem is competition from TikTok, not growing disenchantment with a woke platform which censors conversations and cancels law abiding members with large followings.

Facebook loses $237BN in largest one-day drop in stock market HISTORY: Zuckerberg warns staff he might CRY over ‘scratched eye’ as shares fall 26% – dragging Nasdaq down 3.7% – and he drops out of Forbes ten richest after users decline

  • Facebook’s plunging stock price weighed on world markets on Thursday, dragging down major stock indexes
  • In a company-wide meeting that same day, he appeared red-eyed and said he might cry due to a scratched eye
  • He cited an ‘unprecedented level of competition’ from TikTok and told employees to focus on video
  • Shares in Facebook owner Meta fell 24% in morning trading after the company’s dismal earnings report
  • The decline marked Facebook’s worst one-day loss since its Wall Street debut in 2012
  • The company’s overall value dropped by $200 billion, a figure greater than the entire Greek economy 
  • Facebook CEO Mark Zuckerberg saw $29 billion erased from his net worth 

By ADAM MANNO and KEITH GRIFFITH FOR DAILYMAIL.COM and WIRES
PUBLISHED: 03:28 AEDT, 4 February 2022 | UPDATED: 18:37 AEDT, 4 February 2022

Facebook CEO Mark Zuckerberg told his employees to focus on video products and warned that he might cry from a scratched eye during a virtual company-wide meeting Thursday after the social media giant lost $237 billion – the biggest single-day loss ever recorded.

Shares in Facebook owner Meta fell 26 percent Thursday when the markets closed, after the social media giant issued a dismal forecast and reported its first decline in daily active users.  Zuckerberg saw at least $29.7 billion erased from his net worth

The tech titan was the world’s seventh wealthiest person on Wednesday, with a net worth of $113.1billion. But by market close on Thursday, he dropped off Forbes‘ top 10 list of billionaires – to No. 12 – as his personal net worth plunged to $83.4 billion. 

Zuckerberg told his employees that the drop was due to a weak revenue forecast as the company faces an ‘unprecedented level of competition’ from TikTok, owned by Chinese company ByteDance.

The so-called FAANG group of Facebook, Amazon, Apple , Netflix and Google’s Alphabet has seen around $400 billion in market capitalization wiped off in the opening weeks of 2022 as cheaper segments of the markets become more attractive while central banks taper stimulus.

Other social media stocks were also hit hard in pre-market trading on Thursday, including Twitter, Pinterest and Spotify. Spotify has been beset by a row over COVID vaccination misinformation and also released disappointing results.

Read more: https://www.dailymail.co.uk/news/article-10473475/Facebook-stock-plunges-24-rattling-world-markets-dragging-Nasdaq-2.html

Zuckerberg blames Chinese owned TikTok. I have no doubt TikTok’s snappy interface is providing stiff competition against Facebook’s rather clunky 90s blue screen themed design.

But Facebook has also been doing their absolute best to alienate much of their former audience, by censoring or excluding people whose views Zuckerberg does not approve.

Given a sizeable portion of Facebook’s audience vote for or express support for views that Zuckerberg has targeted, given that many of the people or organisations targeted have huge followings, it is no mystery why Facebook and other Silicon Valley wokerati are encountering difficulties with user engagement.

Even if Facebook realises their mistake, it will be difficult to win back the trust of those they bullied and excluded. Upstarts like GETTR, Parler, Gab and DuckDuckGo are busy grabbing a slice of the gigantic market opportunity Silicon Valley incumbents created through their own stupidity, and now have their own loyal followings.

Sooner or later shareholders in woke silicon valley firms will start demanding real answers. Next time it might not be so easy to brush off questions with a glib one liner, like blaming it all on TikTok.

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gbaikie
February 5, 2022 2:06 am

So, Chinese tyranny is less than Zuckerberg’s?

whiten
Reply to  gbaikie
February 5, 2022 5:10 am

It actually is even simpler and actually even more straight forward.

If the cost of basic feed (food as energy) happens to overrun in value the outcome of the value of the work itself…then that system or function is subject or objected to the collapse clause.

cheers

Scissor
Reply to  gbaikie
February 5, 2022 5:31 am

“There is no honor among thieves,” applies to at least some extent. Of course, the CIA places its fingers onto scales everywhere.

whiten
Reply to  Scissor
February 5, 2022 5:44 am

Scissor

“There is no honor among thieves,”

That sounds as a beauty…in it’s own stand… but!
The current state of human affairs, stands at the point of propagation that unravels like:

“the honor exist only through the thieves skill and thieves achievement.”

As in;

The honor through “crime and reward” narrative… the very self destructive narrative,. proved over and over as a such by the very human history.

Scissor
Reply to  whiten
February 5, 2022 6:20 am

Yes, the incentive of reward is a primary motivation. It falls apart when some don’t give a ****.

Brad-DXT
Reply to  gbaikie
February 5, 2022 9:47 am

Tyranny is bad. I try to avoid both by never going on Fakebook and looking on the labels of what I purchase.

John Tillman
Reply to  gbaikie
February 7, 2022 9:17 am

FB shares made a lower low this AM, and has continued falling.

Last edited 7 months ago by John Tillman
Oldseadog
February 5, 2022 2:07 am

Couldn’t happen to nicer people.
S/

Michael S. Kelly
Reply to  Oldseadog
February 6, 2022 3:17 am

About the only good thing that would come out of “achieving” zero net carbon (i.e. replacement of all energy sources with “renewables”, and electrifying all energy use) would be that the tech companies – all of them – would immediately become completely worthless.

How so? Well, replacing the sources on what is now the electric power grid with renewables is one thing. But only 22% of today’s energy use is in the form of electric power. The rest is in the form of heat from the combustion of fuels. Converting that 78% of our total energy usage to electric power may not even be possible in principle, and it certainly isn’t in practice. We would have to downgrade our civilization severely, and plan for the resulting civilization’s demise as we find that “renewables” can’t be replaced, after they wear out, by anything we can produce on just electric power.

As electric power becomes scarcer and less reliable, the tech companies which live on the flow of electrons will be in last place for its utilization. One might object that the tech companies vast wealth and influence will assure them first call on electric power through their corrupt governmental connections, and that might well be the case (though I wouldn’t count on it if I were them). The value of big tech companies depends on them having users. And it is the user – i.e. you and me – who will have absolute last call for whatever electric power might be available.

We will need to prioritize every single watt-hour of energy usage to things such as home heating, lights, water, and sewerage, and what limited transportation we can use to what limited stores will be in operation to supply our food, and to whatever work we can find. The tech giants may have politically mandated megawatts pumping into their server farms, but when all of us out here have to decide between freezing to death and charging our iPhones, I guarantee that there won’t be anybody outside of those server farms trying to utilizer them.

Not a very satisfying “victory” for us, but at least the tech oligarchs will suffer a bigger crash.

Let’s work to avoid this, and develop a rational energy policy.

Oldseadog
February 5, 2022 2:12 am

Surely Shirley DDG isn’t exactly an upstart; I’ve been using it for several years and am very happy with it.

Doonman
Reply to  Oldseadog
February 5, 2022 1:46 pm

DuckDuckGo is a superior search engine. Google is too woke and engages in shadow banning and political censorship encouraged by their leadership.

I don’t need self appointed “mommies and daddies” deciding whats good for me to read on the internet. I am an adult and will decide those things for myself.

Eric Vieira
February 5, 2022 2:25 am

In Switzerland, “Meta” is a brand of combustible solid used to ignite charcoal BBQ fires.
The name right now is quite fitting. Burn, burn… Unfortunately, our National Bank has just lost about 700 million Dollars with FB… Maybe they could earn some of the money back with put options…

Eric Vieira
Reply to  Eric Vieira
February 5, 2022 3:33 am

Here’s a picture of META fuel tablets … burning quite nicely

Meta.jpg
bonbon
Reply to  Eric Vieira
February 5, 2022 5:04 am

As long as Bern does not bail-out that Bank with tax-payer Francs!

mark from the midwest
February 5, 2022 2:34 am

Facebook was a novel idea, able to run amok because the proper protections were not enabled in terms of privacy. As soon as Apple made it easy to block trackers the value of Facebook, from a consumer targeting perspective is cut in half. The beauty, or ugly, of the iPhone is that it provides location and activity data in real time. For example, I’m in the area of a Walmart and doing a Safari search for small storage containers. Facebook’s trackers would have an additional data point on me. Multiply that by 20-30 instances a month, along with personal info like my age, gender, address and you get a pretty good consumer profile that’s worth 40 to 60 cents a month to Walmart. Multiply that by 120 million users over 12 months and it adds up. Take that away and you have zilch.

pigs_in_space
Reply to  mark from the midwest
February 5, 2022 4:24 am

pump & dump, the american way.
All pyramid schemes eventually fall apart unless they look for “fresh meet” constantly.
Look at Amway in PRC & Russia and you have it perfectly sorted.
F B don’t have a presence in either so the laws of gravity have bitten.

Give them another 2yrs and they will be yet another “has been” bankrupt entity.

Neo
Reply to  mark from the midwest
February 5, 2022 2:33 pm

Sean
February 5, 2022 2:44 am

there is a very cozy relationship between Democrats and the tech giants. Some Dems say they want to break up these monopolies but I believe there is an informal agreement that it will be just a bit of bluster that won’t mount to anything as long as big tech supports the lefts agenda. (Just look where the Pelosi’s make the investments.) Dems like to use the legal system as a political tool and seem quit effective at keeping people in line, the republicans not so much.

H.R.
February 5, 2022 3:11 am

Free advice to Zuckerberg and worth every penny he paid for it…

… take the $83.4 billion and RUN! while you still have $83.4 billion.

Scissor
Reply to  H.R.
February 5, 2022 5:53 am

To think, he could have purchased CNN.

H.R.
Reply to  Scissor
February 5, 2022 11:40 am

People here at WUWT have enough spare change in their sofa cushions to purchase CNN if we pooled it all and made an offer.
😉

hiskorr
Reply to  H.R.
February 5, 2022 6:01 am

“Take it” how? It’s all paper wealth! If he dumped his $80B in FB shares on the market all at once he’d be lucky to get $10B in currency before FB went bankrupt! What is the “value” of a bubble when it pops?

Vincent Causey
Reply to  hiskorr
February 5, 2022 8:00 am

Only $10B. I’m crying for him.

Andrew Wilkins
Reply to  hiskorr
February 5, 2022 8:56 am

That’s roughly $9 999 998 500 more than I’ve got in my current account right now.

fretslider
February 5, 2022 3:21 am

Politifact to the rescue?

https://apple.news/Asz7OmlSDRTO_DQM5QHgx1w

fretslider
Reply to  Eric Worrall
February 5, 2022 4:00 am

Don’t mention parameterisation…..

Last edited 7 months ago by fretslider
Thomas
Reply to  fretslider
February 5, 2022 8:30 am

Apparently they think parameterizations are physical laws.

ATheoK
Reply to  fretslider
February 5, 2022 4:38 pm
  • Or incorrectly sited or installed temperature stations.
  • Many thousands of inconvenient rural stations eliminated.
  • Installing their “gold standard temperature stations adjacent to tens of hectares of asphalt, buildings, traffic, idling trucks and massive A/C heat exchangers.
  • Infilled data, often preferred over observations,
  • Data “corrections” because temperatures 1,200 kilometers away are warmer.
  • Historical observations adjusted cooler.
  • Modern era temperatures adjusted higher.
  • Use of ‘averages’ across thousands of unique independent temperature stations.
  • Use of allegedly averaged anomalies instead of actual temperatures, temperature highs or lows.
  • East Anglia Jones changing historical temperatures then losing the data before it was changed, no returning to original temperatures.
  • Government temperature officials predict absurdities while changing data without investigation or prosecution.

Typical of politifact.

Gary Pearse
Reply to  Eric Worrall
February 5, 2022 9:51 am

The irony it burns! The last people Zuckerberg wants to hear from after crying all night
is the ‘fact’ checkers! They just cost him a quarter of a trillion! Does politifact and the rest of these adjustocene devils not see that they are going down, too?

Gary Pearse
Reply to  Gary Pearse
February 5, 2022 10:08 am

A perfect storm is in the making for the next elections. The silicon tech boobies wont have much appetite for funding another wokathon putsch. So it’s okay with Zuk now to say the Wuflu came from Wu. Nuclear and NG are also okay to promote (they are even sustainable), and to say models are “running away too hot” (NASA’s Gavin Schmidt). Even Griff was quick to embrace NG!

Richard Page
Reply to  fretslider
February 5, 2022 8:40 am

That was painfully hilarious to read. Much like a 6 year old’s analysis of a complex subject – “But, but they said it’s all true!” If that’s the standard message getting the word out, why has the climate change scam lasted this long?

Serge Wright
February 5, 2022 3:27 am

It would seem that having the word ‘Zucker’ contained in your last name is not a winning formula in 2022.

Derg
Reply to  Serge Wright
February 5, 2022 3:35 am

Or Biden or Trudeau

fretslider
Reply to  Derg
February 5, 2022 4:31 am

Or even Boris Johnson…

“The explosive book by Lord Ashcroft presents him as a weak Prime Minister who enrages his advisers by allowing his wife to influence policies and appointments.

The Tory peer claims Mr Johnson, 57, is ‘completely mesmerised’ by his 33-year-old wife and cuts a ‘lonely’ figure surrounded by her close friends who are now among his most influential aides.”

https://www.lordashcroft.com/2022/02/carrie-johnsons-behaviour-is-preventing-the-prime-minister-leading-britain-as-effectively-as-the-voters-deserve/

It explains his net zero fetish.

Last edited 7 months ago by fretslider
alastair gray
Reply to  fretslider
February 5, 2022 5:14 am

Cockstruck buffoon in other words

fretslider
Reply to  alastair gray
February 5, 2022 5:23 am

I would have said: “D i c k h e a d”.

That’s where the majority of his thinking seems to take place

Richard Page
Reply to  fretslider
February 5, 2022 8:42 am

He’s a Johnson. It’s American slang but sums up the situation very well.

Redge
Reply to  fretslider
February 6, 2022 12:45 am

Maybe we should start a petition for BoJo to have his name legally changed to Richard Cranium?

Peta of Newark
February 5, 2022 3:59 am

Live by the sword, die by the sword.

And so much for making them into ploughshares (or haha, Facebork shares)

Nobody either believes me or even worse, nobody wants to believe me but, ploughs are going to kill infinitely more people than swords ever did or probably will do.

They’re making epic inroads already, 80% of all Death Certificates, worldwide, now refer to something initiated by excess sugar consumption.
And sugar production is the *only* reason for ever wanting to use or actually using A Plough.

pigs_in_space
Reply to  Peta of Newark
February 5, 2022 4:29 am

you are nuts!
What about soya and wheat?

Rich Davis
Reply to  pigs_in_space
February 5, 2022 7:07 am

Peta calls all carbohydrates “sugar”

Bob Johnston
Reply to  Rich Davis
February 5, 2022 9:04 am

They are once they’re metabolized by your body.

Rich Davis
Reply to  Bob Johnston
February 5, 2022 9:57 am

Why not call them CO2 and water?

Rich Davis
Reply to  Bob Johnston
February 5, 2022 1:14 pm

And by that definition, since the body can produce glucose from proteins and fats through gluconeogenesis in the liver, shouldn’t we call a steak sugar as well?

Rory Forbes
Reply to  Rich Davis
February 5, 2022 11:13 pm

Apart from the minerals, it all ends up as sugar or the body has no use for it. It’s fuel.

fretslider
Reply to  Peta of Newark
February 5, 2022 4:42 am

So, I’m guessing it isn’t one lump or two, but none for you.

If people choose to eat something, that’s up to them. It’s not my business to tell them what to do. We are all free agents. For the time being, anyway.

bonbon
Reply to  Peta of Newark
February 5, 2022 4:46 am

If anyone ever worked near the Peterborough Sugar Beet Factory, and had to lunch with wind wafting from the slurry pits, guaranteed white sugar is off the menu!
Stick to Cane Sugar – the real thing!

By the way Zucks Bucks, was a sweet idea called the Libra, now Diem, a digital currency to be adopted by the FED.

Last edited 7 months ago by bonbon
bonbon
Reply to  bonbon
February 5, 2022 4:49 am

here :

inzuckwetrust.jpg
Scissor
Reply to  bonbon
February 5, 2022 6:06 am

Chemically, they are both sucrose.

bonbon
Reply to  Scissor
February 5, 2022 7:18 am

Going by taste alone there is a huge difference. Production slurry is incredibly smelly. I wonder about isomer ratios. I am not an expert outstanding in this field….

Scissor
Reply to  bonbon
February 5, 2022 10:03 am

I’m not sure that I could tell the difference in taste. Here in Colorado one can find both. I’ll have to do the experiment some day.

I imagine it’s a matter of refinement. I’ve smelled fermenting sugarcane bagasse and let’s just say it smells like a word it rhymes with.

yirgach
Reply to  Scissor
February 5, 2022 4:09 pm

Yeah, I’ve been to a rhum distillery in Granada (cast iron steam powered engine!) and the concrete fermentation vats really stink. Your not sposed to bring the 150 proof on an airplane…

MarkW
Reply to  Scissor
February 5, 2022 8:17 am

It’s like man made CO2 being so much worse than natural CO2.

bonbon
Reply to  MarkW
February 5, 2022 8:25 am

It is a matter of taste.

MarkW
Reply to  Peta of Newark
February 5, 2022 8:16 am

Nobody believes you because you have no facts to back up your opinions.

Bob Johnston
Reply to  MarkW
February 5, 2022 9:06 am

I believe Peta. Grains, sugar and vegetable oils kill millions.

Doonman
Reply to  Bob Johnston
February 5, 2022 2:03 pm

That leaves animal fats and fiber. But not eating at all kills everyone in 30 days.

Rory Forbes
Reply to  Doonman
February 5, 2022 11:16 pm

Usually much quicker than that. Most people aren’t healthy enough to survive to the limits of starvation.

Rich Davis
Reply to  Doonman
February 6, 2022 9:19 am

All living leads to death. Enjoy life while it lasts, but be prudent about it.

When it comes to people peddling dietary advice, I stop listening at go. There’s probably no topic that has suffered more quackery and misinformation than “healthy eating”.

Rich Davis
Reply to  Bob Johnston
February 6, 2022 9:12 am

I also understand that simple sugars and easily metabolized starches as well as alcohol should be limited (not eliminated). Everything in moderation.

commieBob
Reply to  Peta of Newark
February 5, 2022 8:33 am

Live by the sword, die by the sword.

Facebook supplanted MySpace. Facebook is being supplanted by something else. Sic transit gloria mundi.

With regard to sugar consumption … The situation is interestingly similar to CAGW.

There was Ancel Keys who did some bad science and got dietary fat blamed for an epidemic of heart disease. There seems to be evidence that the sugar industry aided and abetted the deception. link The result was that anyone who pointed out the dangers of sugar had their career wrecked.

Dr. Norman Doidge explains how society suppresses minority opinions in a three hour video. It results in wrong opinions being taken as gospel with little chance of being corrected.

We have millions of sugar related deaths, hundreds of thousands of wuflu deaths, and the destruction of national economies by stupid renewable energy schemes. All of this (and more) because society is able to squelch free speech.

Bring back free speech, and while we’re at it, defund the universities.

Philip
Reply to  commieBob
February 5, 2022 10:44 am

I think re-booting the universities is a better option. Universities have traditionally been instrumental in dragging humanity up out of a miserable existence of fear and superstition to a state where, if governments allow, long and happy lives are possible.

Then a couple of things knocked them off their rails:

First it was the combination of trying to push too many people, including many that are just not academically up to it, through university, and the resultant rise is popularity of the easy option “soft sciences” allowing these people to claim their “academic credentials”.

Secondly, government and their corporate owners started using universities as cheap sources of research. Why employ your own researchers when the state will pay their salaries, and why do research of your own, which may end up doing nothing but cost money, when that can be done in a university and if there is no return, you can write off any cost as a tax deduction? Then, of course, the people paying the money started determining what the results of the research would prove. No more looking at the data to draw a conclusion, but start with a conclusion and find the data to support it.

Most of today’s universities are not only not worth the money, they are actively destructive to society. A reversal of their traditional role.

Gary Pearse
Reply to  Philip
February 5, 2022 5:49 pm

I think the destruction of scholarship can only be reversed by creating new universities with high standards that eliminate 75% of enrollees because they fall short of requirements. Leave the Poison Ivy league, the Oxbridges, the Caltoxes to rehabilitate themselves back to acceptable standards or become communes for misfits if that’s what they want.

Of course all degrees from the Koolaid faculties and corrupted sciences should be rescinded with an invitation to reapply for undergrad if they have the requirements.

richard
February 5, 2022 4:11 am

When, Trump, launches his social media empire, later in the month, expect another clear out from , Facebook.

Last edited 7 months ago by richard
H.R.
Reply to  richard
February 5, 2022 4:45 am

It certainly won’t help matters at Meta.

Just spitballing here, but I’d think that the developers of Trump’s platform will have something built in that will make it easy for FB users to migrate their content to the new place.

I’d think there would be some inertia against making the switch if, “But I’m gonna lose all my stuff” rules the thinking. That’s what I hear when people who hate FB are asked why they are still on FB.

Remove that barrier and FB is toast.

Mr.
Reply to  H.R.
February 5, 2022 9:15 am

True Dat.
When I’m looking at alternative apps to the ones I’m using, the first function I check out is the “Import” routine.

commieBob
Reply to  H.R.
February 5, 2022 5:31 pm

Exactly so. Part of the reason Microsoft Word took over from Word Perfect was that they made the migration very easy.

Reply to  commieBob
February 5, 2022 10:05 pm

Excel would let you open Lotus spreadsheets – and use the exact same menu, function names, etc. (I don’t know whether it still does, or not; I happily trashed everything I knew about 1-2-3 as soon as I no longer had to use it.)

ATheoK
Reply to  writing observer
February 6, 2022 6:26 am

It took Microsoft years and many releases of software before they finally made a dent in competitor’s products.
Microsoft imitated quality software and took years to reach competitiveness.

These releases were immensely helped by Microsoft selling their product at a substantial discount, often free, to owners of competitor software.
My first home copies of Word and Excel were because I owned WordPerfect and Lotus. I had already been installing free copies of program language software for years by the time Microsoft finally started to break into the word processing and spreadsheet markets.

WordPerfect and Lotus were both sold to other companies that ceased improving the product.
Lotus’ sale to IBM was a death blow to Lotus, just as IBM failed to improve or properly market cc:Mail’s email program thus killing cc:Mail.

IBM inaction helped kill both Lotus and cc:Mail. Similarly, Wordperfect was sold to Novell who neither improved the software or sold it at reasonable discount.

Meanwhile, Microsoft bundled their office software into ridiculously cheap bundles for large corporations and governments. While ordinary users found the software priced as high as consumers could bear.

That made the difference allowing Microsoft to slowly improve their software for already captive customers.

Corporate and heavy users of Lotus bitched for years about Excel’s failures to achieve Lotus functionality.
The same went for WordPerfect users.
Just as WordStar users hated and reviled all other word processing programs long after WordStar stopped competing.

Rich Davis
Reply to  writing observer
February 6, 2022 9:25 am

And don’t get me started on that VisiCalc. Man we’re old!

leowaj
Reply to  richard
February 5, 2022 9:31 am

I’ve wanted Facebook dead for nearly 10 years now, so what ever social media alternatives can spin up and slice users away I’m fine with. It’s a death by a thousand cuts for Facebook at this point.

bonbon
February 5, 2022 4:55 am

I actually feel a bit sorry for FB. They get hammered by congress to force censoring, then their Digital Currency the Libra, now Diem, was put on hold by Congress, likely hijacked by the FED.
What’s a poor multibillionaire to do?

Solution could be to declare itself a Nation, Meta Nation, apply for a seat at the UN and declare that its currency is being attacked. It has after all >2 billion voters.

fretslider
Reply to  bonbon
February 5, 2022 6:07 am

It has after all >2 billion voters”

That’s a lot of idiots.

bonbon
Reply to  fretslider
February 5, 2022 7:20 am

Try posting that on FB – imagine the downvotes!

rah
February 5, 2022 5:15 am

Never had a FB or TT account and never will.

BTW though I used to love to watch the Olympics, I will not this time and will not even give a click to reporting on it.

rah
February 5, 2022 5:22 am

Oh, and BTW FB cut off Truckers trying to organize Freedom Convoys here in the US.

Joseph Zorzin
February 5, 2022 5:23 am

“his personal net worth plunged to $83.4 billion”

Must be tough to live on such a pittance.

fretslider
Reply to  Joseph Zorzin
February 5, 2022 6:03 am

““his personal net worth plunged to $83.4 billion”

Must be tough to live on such a pittance.”

You have no idea how hard it is…

“Average Salary in the UK (2022) £29,600 per year”

https://uk.jobted.com/salary

“MP Sir Peter Bottomley has described the ‘grim’ reality of living on £82,000 a year while asking for a pay rise.”

https://www.lbc.co.uk/news/tory-mp-describes-grim-struggle-of-living-on-82k-a-year-as-he-asks-for-raise/

Needless to say, MPs gave themselves a £3,500 increase in the middle of the pandemic. Life is marginally more bearable on £85k

Tom
February 5, 2022 6:09 am

In most of history, the wealth of a company has reasonably tracked its physical value. In the case of a public corporation, ‘wealth’ would be its market capitalization. In the case of a privately held company, it would be its property inventory, and physical assets. The ‘value’ of a dynamic leader is ill-defined, and can be fleeting. Consider John Delorean.

In the case of the FAANGs and a few other similar ‘techs’, it seems that their growth potential, and not their wealth, has defined their market cap., and that has far exceeded their physical values. Maybe the chickens are coming home to roost? At some point, they simply can’t grow any bigger, and can likely burst.

MarkW
Reply to  Tom
February 5, 2022 8:20 am

Market worth plus anticipated dividends.

Philip
Reply to  MarkW
February 5, 2022 10:48 am

No way. They don’t pay dividends. Or if they do, they are a tiny fraction of the actual profit.

Shares have lost their meaning. You no longer buy a small piece of a company and share in the profit that it makes. Instead, shares are now much better described as betting chips.

Old Cocky
Reply to  Tom
February 5, 2022 1:22 pm

Market Capitalisation is essentially the Net Present Value of expected income streams. Unfortunately, both the expected income streams and discount rate are rather subjective.

Corporate raiders, especially during recessions or periods of high inflation, have targeted companies whose NPV is lower than the value of their tangible assets (typically real estate), bought the company and flogged off the tangible assets.

Steven Curtis Lohr
February 5, 2022 6:39 am

If the giant is mortally struck, take care which way it falls.

George T
February 5, 2022 7:24 am

Wow! Being an apologist for China has its downside. In other words, censoring and cancel culture can have unintended consequences. Mark Zuckerberg likely won’t acknowledge his mistake, because his arrogance and “virtue signaling” will get in the way to rational thinking and a course correction. Despite his dislike for narratives contrary to his ideological philosophy, there is something to be said about “free speech” and a healthy and open debate on matters of interest.

Why bother to be apart of FB if voices cannot be heard. I prefer diverse points of view, because it is enlightening and most times rather entertaining. Lastly, once you have lost the “trust” it’s difficult to bring that back. Much easier to keep than lose it. FB would have gained more had it left its platform open to diverse debate. FB now will face real competition and provided an opening for other platforms who favor “free speech.”

Personally, FB can go. I have no use for their twaddle or their “fact checkers.”

Andy Pattullo
February 5, 2022 7:55 am

Sometimes justice is poetic. Sometimes it is a harmonious symphony of unparalleled beauty.

Vincent Causey
February 5, 2022 7:58 am

Mark Zuckerberg is a graduate of Klaus Schwab’s young leaders of tomorrow program. I’m not sure if that was before or after he leveraged the Harvard Facebook for his own business model, but it certainly would explain why he is censoring the posts in this way. Most egregious example is banning a post on the BMJ account because it went against the official narrative.

Vlad the Impaler
February 5, 2022 8:50 am

Best advice I can give anyone: Stay completely away from all of the (anti-)social media. If you are there, dump YouTwitFace as fast as you can, and do not sign up for anything else.

If you want to communicate with people, then do so. There are things called “telephones”; if you enter a sequence of digits, it is possible to talk directly to another human, using your voice. Amazingly enough, the person on the other end is able to use their voice, and you can hear them. I swear, it’s almost as if we were living in the “Space Age” or something.

There’s also a new invention called “e-mail”, which is short for ‘electronic mail’. If you know the ‘address’ of the recipient, you can send a message using this format, and at some point in time, the person you sent it to will see your message, and from what I understand, they can either ‘reply’ to your message, or send you a message back, using the same type of origination function that you used to send your message to them. It really is quite amazing!

And, from what I understand, which as you’ll realize isn’t much, NO ONE is able to stop you from using either of these two methods, and, I believe, you can pretty much make any statement(s) you are inclined to say or write. I’m sure, given enough time, someone, somewhere, will figure out a way to censor either or both of these, but for now, the field is pretty much wide open.

Regards,

Vlad

ATheoK
Reply to  Vlad the Impaler
February 6, 2022 1:49 pm

Email is over 3 decades old. Telephones are many decades older.

Both email and telephone calls are tracked by government under the Patriot Act.
Scanners exist that allow people to listen in on your phone calls.
Emails transiting a compromised server are also captured.
a) There are darn good reasons people are told to never email credit card or personal information!
b) The same warning goes for phone calls! Even hard wire phone lines go through junction boxes.

If you use a personal encryption program and code key, then you may rely upon that particular email contents may be securely encrypted. By “personal”, I mean that you wrote the encryption algorithm!

You can not rely upon commercial encryption software/services as the government gets the keys.

Phones, landlines and mobile communications, are usually unencrypted, unless a person goes to some extra effort. Even then, the encryption keys are available to government.

All encryption accomplishes on mobile phones is to prevent scanners within transmission distance from collecting your phone call.

Andrew Wilkins
February 5, 2022 8:52 am

I’m a teacher in the UK. I teach teenagers and none of them use Bookface. It’s old hat to them, something that Grandad uses.
Bookface is becoming irrelevant and that is the nature of the fast changing world of social media (remember Friends Reunited?). Facebook is dying a not so slow death and I love the fact that the woke little twits who run it are probably crapping themselves.

Paul Hurley (aka PaulH)
Reply to  Andrew Wilkins
February 5, 2022 4:13 pm

Quite true. Why would kids want to use the same stuff as their parents and grandparents, and be buried under “sponsored content” for the privilege?

ATheoK
Reply to  Andrew Wilkins
February 6, 2022 1:52 pm

Bookface?
There are several internet definitions. Which one is the one you mean?

2hotel9
February 5, 2022 9:05 am

Good, drive that America hating asshole into bankruptcy.

Gary Pearse
February 5, 2022 9:14 am

27B in one day. If this boy doesn’t know it, that’s not how markets work under competition. The bleeding starts and you have time to try and figure out how to adjust to stop it. This is not a one day thing. It will drop another 13B next week and trickle down to maybe half it’s value, assuming he starts to understand what his business is really about.

Anybody out there who can suggest how to bet this market?

Mike Dubrasich
Reply to  Gary Pearse
February 5, 2022 10:40 am

Two suggestions

1. Stick with index funds. The market is still there. When one company loses market share, another will pick up the customers. Bet the field.

2. Invest in the competitors directly … if you can predict them successfully. Predictions are hard, especially about the future.

ATheoK
Reply to  Gary Pearse
February 6, 2022 2:01 pm

27B in one day.

This is not a one day thing. It will drop another 13B next week”

Offhand, people are cashing in sizeable portions of their FB stock portfolios.
Trying to be amongst the first dumpers rather than the dumped upon.
Then they are selling FB short, further driving down the value.

The reason to collect cash is so they have funds immediately available to invest an IPO occurs.
Large sums require a few days to clear bank rules and procedures.

c1ue
February 5, 2022 9:53 am

Facebook/Meta also lost $10.2B on its VR stuff last year.
The metaverse Facebook is pushing could easily become an epic fail – a double down on a division that’s been bleeding cash ever since Facebook bought Oculus for $2B in 2014.
Microsoft lost money on Xbox, but they never lost $10B in one year alone as Xbox became profitable 7 years after launch.

Neo
February 5, 2022 2:29 pm

$237BN was the entire US federal budget back in 1978

Paul Hurley (aka PaulH)
February 5, 2022 4:19 pm

Meta stock downgraded by 4 analysts as shares tank after earnings

“FB is seeing a significant slowdown in advertising growth while embarking on an expensive, uncertain, multi-year transition to the Metaverse,” wrote Anmuth and his team in a note to investors.

(Don’t you just love these analysts who issue downgrades after the stock tanks?)

Dean
February 5, 2022 4:22 pm

Its hilarious that the Chinese are less censorious than Facebook!

ResourceGuy
February 5, 2022 6:25 pm

It couldn’t happen to nicer con men with fake fact checkers and agendas.

Quilter52
February 5, 2022 9:12 pm

I use Farcebook very carefully but I am more than happy to see this happen. About time that reality dawned on these fools. They are still worth bucketloads more than they should but I do wonder if a reckoning is coming.

Trying to Play Nice
February 6, 2022 10:50 am

My kids don’t use Facebook or TikTok. They use other smaller platforms, some owned by the big guys. It seems like all my older friends are the ones using Facebook and they tend to be conservative. I signed up for Twitter years ago, sent one tweet and decided it was stupid. In the last two weeks I’ve been getting emails from Twitter every day telling me to log on and see all the great stuff I’ve been missing.

S.K.
February 6, 2022 4:34 pm

gettr and gab are eating away at fb not tik tok.

TonyG
Reply to  S.K.
February 7, 2022 7:44 am

gettr and gab are eating away at fb not tik tok.

Most likely yes, but Zuckerberg can’t admit that publicly.

Paul Hurley (aka PaulH)
February 7, 2022 4:56 am

Meta is threatening to leave the EU market if it’s not allowed to share EU user data with its US-based data centers.

Meta May Leave EU Market Over Privacy Regulations

It remains to be seen if Meta’s threat is genuine or idle, but its statement is another indication of the headwinds the company faces as privacy increasingly becomes a major issue.

This seems to imply that Meta would pull Facebook and Instagram out of the EU if they don’t get what they want. I’m not sure it’ll come to that, but it will be interesting to watch.

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