Burn it down!
Facebook (META) stock is down more than 70% over the year and has lost $800 billion of its market cap, CNBC reported.
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Facebook fell from a 52-week high of $353 per share to $92 per share on Wednesday.
Last summer Facebook’s market capital was nearly $1 trillion dollars and now it is closer to $245 billion.
META-Facebook shares were down more than 24% last Thursday on a weak Q4 forecast and earnings collapse.
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“Meta Platforms Inc. shareholders are paying dearly for its spending on the metaverse: The Facebook parent’s market value has collapsed by a whopping $677 billion this year, forcing it out from the ranks of the world’s 20 largest companies.” Bloomberg News reported last Thursday morning.
Mark Zuckerberg’s fortune took a huge hit.
“Mark Zuckerberg’s fortune plunged by $11 billion after his Meta Platforms Inc. reported a second-straight quarter of disappointing earnings, bringing his total wealth loss to more than $100 billion in just 13 months.” Bloomberg News reported.
CNBC’s Jim Cramer recommended META stock right before it collapsed.
This is the same guy who lied about Bear Stearns before it collapsed in 2008.
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Cramer held back crocodile tears as he apologized for leading people off a cliff by recommending META stock.
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