Meta the parent company of Facebook has seen its stock plunge 60 percent this year. They’re planning on slashing jobs as a result of this poor performance.
With its stock down 60% this year, Meta is cutting costs as it tries to convince investors that its Metaverse pivot will succeed. https://t.co/xZOnRx9atr
— CBS News (@CBSNews) September 30, 2022
It’s been a bad year for tech stocks in general. The numbers have not been good.
Year-to-Date Performance:
1. $META: -60%
2. $AMZN: -34%
3. $AAPL: -24%
4. $NFLX: -61%
5. $GOOGL: -34%
6. $TSLA: -34%
7. $PYPL: -56%
8. $NKE: -50%
9. $NVDA: -60%Over 90% of technology stocks are now in bear market territory.
The backbone of the stock market is collapsing.
— The Kobeissi Letter (@KobeissiLetter) September 30, 2022
I suspect it will get worse for Meta and all these other big tech companies. There’s a number of serious problems with these organizations, but they really screwed the pooch with the mass censorship. They effectively ostracized or outright banned millions of people from using their products and have made the service unusable as a communication platform.
On top of that, these companies hired all sorts of diverse and “woke” employees who haven’t innovated much of anything. Technology innovation has been relatively stagnant and especially over the past five years or so.
Meta’s social media sites are objectively not good and this Metaverse thing that Mark Zuckerberg has been so high on looks like some weird shit out of a dystopic movie. It is hard to see how this is going to have any sort of widespread adoption.
It’s no wonder why Zuckerberg is trying to rebrand himself by doing MMA training.
Mark Zuckerberg takes up MMA training: 'This nerd is a silent killer' https://t.co/EqtobSYY1l pic.twitter.com/hBOgMMxHNx
— New York Post (@nypost) September 23, 2022
His entire life’s work is imploding. We are seeing Facebook become the second coming of MySpace.
