Slashdot Mirror
Facebook Stock Suffers Largest One-Day Drop In History, Shedding $119 Billion
Facebook is experiencing one its worst days as a publicly traded company. According to CNBC, Facebook lost about $119 billion of its value on Thursday, marking the biggest one-day loss in U.S. market history. From the report: The company's shares plunged $41.24, or almost 19 percent, to $176.26 a day after the social media giant reported disappointing results. The slide is the largest decline in market capitalization in history, exceeding Intel's $91 billion single-day loss in September 2000, according to Bloomberg data. Founder and CEO Mark Zuckerberg saw his fortune drop by $15.9 billion to roughly $71 billion. His personal loss alone, if only on paper, exceeds the value of companies such as Molson Coors and Macy's, which have market values of $14 billion and $12 billion, respectively. Investors were spooked by Facebook's forecast showing that its number of active users is growing less quickly than expected, while the company also took a hit from Europe's new privacy laws.
Better put your affairs in order, Zuckerbook, the TechReaper is coming for you. All the signs and portents are present!
Time to bail out of Zuckerbook, folks. Zuckerbook is Old and Busted, time to scamper off to the New Hotness, whatever that is.
Really, leaving now will do Zuckerbook a favor by making it's death swifter.
ITT: Libertardians don't understand capitalism
know not hope...advertisers - the source of revenue for them - are running for the exits
nothing to see here - move along
These tech stocks are priced with massive growth baked in. No one cares about profit or debt, just growth, in tech stocks. Eventually you run out of people that sign up your website, or are willing or able to buy a $50,000+ electric vehicle and your growth ends. By that time, the insiders have cashed out enough of their positions to get rich, but the individual suckers get screwed over. Tesla has a way to go, but likely 2019 will be the end of Tesla. The Q2 report will be "good", though.
Total assets = $27.3B
Total liabilities = $21,6B
Secondly, get your story straight: is Tesla's SG&A too high and they should be cutting back on it, or is cutting back on SG&A spending a sign of doom? You need to pick one story and stick with it.
Third, there is nothing unusual about automakers asking for refunds on ongoing contracts. Unfair? Sure, but welcome to the automotive industry. When you have the bully pulpit, you can get away with things like that.
Lastly, nobody said "forever". But given that they're simultaneously attacking multiple markets each worth hundreds of billions to trillions of dollars, yes, they're only just getting started. Nobody is anywhere close to the rate of EV production scaleup they've achieved this year and are on track to continue in the next coming years. 2-3 years from now that situation may change, given what some established automakers are finally starting to invest in EVs. But until then, Tesla stands alone. It doesn't matter if you're GM, VW, or anyone else - you can't magick Gigafactories into existence overnight.
"Lock and load, Brides of Christ!"