Facebook Loses Over $60 Billion in Market Value in 2 Days

Discussion in 'HardForum Tech News' started by rgMekanic, Mar 21, 2018.

  1. rgMekanic

    rgMekanic [H]ard|News Staff Member

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    In the wake of the Cambridge Analytica scandal, Bloomberg is reporting that Facebook Inc. has lost over $60 billion in market value in just 2 days. To put that in perspective, Tesla Inc. is worth $52 billion, and Snap Inc, Snapchat's parent company is worth about $19 billion.

    We will just have to wait and see how low Facebook's value can go, and if the company will recover from this. Two days ago we reported that if Facebook did violate an FTC privacy deal, they could face fines around $2 trillion dollars, which I would assume, would hurt their stock price further. Thanks to cageymaru for the story.

    Facebook shares tumbled 6.8 percent on Monday, the most in almost four years, and the selloff resumed on Tuesday with news that the U.S. Federal Trade Commission is reportedly investigating the handling of user data, and a report that Chief Security Officer Alex Stamos plans to leave. Shares fell 4.7% to $164.51 at 2:23 p.m. in New York.
     
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  2. N4CR

    N4CR 2[H]4U

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    MF(s)W faceberg loses 80bn
    Cruise Hilarity.jpg
     
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  3. BB Gun

    BB Gun [H]ard|Gawd

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    When the obama campaign does something similar, nobody bats an eye. When CA does it, everyone loses their minds!

    (no, the situations are NOT identical as CA did do some shady stuff... but the 2012 campaign coverage quotes...... could you imagine the whining if they came from the right side of the spectrum?)

    https://www.technologyreview.com/s/509026/how-obamas-team-used-big-data-to-rally-voters/

    http://www.nytimes.com/2013/06/23/magazine/the-obama-campaigns-digital-masterminds-cash-in.html
     
  4. King of Heroes

    King of Heroes [H]ard|Gawd

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    Facebook loses $60 billion, then you realize its still worth $476.83 billion. Lots of padding still left and the 2020 elections are still 2 years and change away. Plenty of time for this to blow over.
     
  5. thesmokingman

    thesmokingman [H]ardness Supreme

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  6. BSmith

    BSmith [H]ard|Gawd

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    How this goes will depend on who Facebook has pissed off.
     
  7. oldmanbal

    oldmanbal [H]ard|Gawd

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    Only hurts the shitbirds that have facebook stock and promote a company like that. Facebook has always had issues monetizing their product considering the unprecedented reach they have. The fact that a single bad headline can tank the value of your company to the tune of 50 billion dollars is in the realm of fantasy. If you were to compare a lot new highly valuated stocks to various hollow crypto currencies, I don't think you would be able to tell the difference.

    To lose 60 billion dollars in a day takes wanton greed and malfeasance hitherto only known by the US military. The fact that the Facebook stock was valued at 60 billion more than it is now should be a crime of itself. I can't eat/drink it, I can't breath it in, and I definitely can't sleep under it. Let it go the way of myspace.
     
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  8. pendragon1

    pendragon1 [H]ardForum Junkie

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  9. Ur_Mom

    Ur_Mom I'm Not Serious

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    I'm sure they will get off easy. It'll just be a cost of doing business. I'd love to see huge fines, but I really don't see it happening. These big companies are very protected. See: Equifax.

    Maybe just with an apology and a slap on the wrist.

     
  10. heatlesssun

    heatlesssun [H]ard as it Gets

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    A lot has happened since 2012 though involving social networks data security. LOTS more people on these platforms, their market value has skyrocketed and there's been lots of high profile lapses with data security like Equifax.
     
  11. sboucher

    sboucher Gawd

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    Pretty much. I'm gonna wait to see if it goes any lower, then buy more stock.
     
  12. PantherBlitz

    PantherBlitz Limp Gawd

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    Not much of a story. The number of accounts Facebook will close due to this will probably be measured in the dozens. By year's end revenue will be what it was and the stock price will go back up. Wall Street always does this.
     
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  13. Master_shake_

    Master_shake_ [H]ardForum Junkie

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  14. Hallucinator

    Hallucinator Gawd

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    Facebook respects our privacy by providing us extra settings and this.....?

    hello?
     
  15. naib

    naib [H]ard|Gawd

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    nowhere near enough. More $$$ needs to be "lost" and significant users need to leave
     
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  16. oROEchimaru

    oROEchimaru [H]ardness Supreme

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    too many people communicate with families on FB... (long distance) for it to go away unless something massively happens (shut down) most people will still use it.

    For every person that is upset:
    a. they keep posting fake stuff (both parties)
    b. they keep filling out surveys and fake apps to "find out who your lover is" or get free points in a game aka "give away all of your privacy, your friends and kids"
    c. keep giving all their info away for free (imagine if pedos make a facebook app)

    this wont stop... heck the people that complain go on facebook and do a, b and c the very same day.
     
  17. oROEchimaru

    oROEchimaru [H]ardness Supreme

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    maybe it is karma for zuckerturdburger buying properties in hawaii and blocking locals and islanders out... building walls etc
     
  18. CaptNumbNutz

    CaptNumbNutz Bulls[H]it Master

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  19. Seventyfive

    Seventyfive [H]ard|Gawd

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    $60 billion isn't that much when you put things in context. FB is just back to where it was in July of last year....
     
  20. Jim Kim

    Jim Kim 2[H]4U

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    Fucks given = zero
     
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  21. Gweenz

    Gweenz [H]ard|Gawd

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  22. Seventyfive

    Seventyfive [H]ard|Gawd

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    Not to mention that Sheryl Sandberg was emailing back and forth with Podesta in 2016 but no big deal...

    https://wikileaks.org/podesta-emails/emailid/56638#efmAAGAA2ADoAD0AElAE1AFCAFRAHdAI2
     
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  23. Kdawg

    Kdawg Gawd

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    stock traders needed an excuse.

    if you invested in 2013, you would have had 100%+ yearly return every year. damn!
     
  24. snowcrash

    snowcrash Gawd

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    All this does is continue to affirm the stereotype that conservatives know how to play dirty and liberals are p***s.
     
  25. WhoMe

    WhoMe Gawd

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    Time for a new startup. Think I'll call it mebook (selfishbook just doesn't have a ring to it).
     
  26. RaxusCraxurFace

    RaxusCraxurFace [H]Lite

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    Read the whole thread.

    Both parties do it.
     
  27. magnetik

    magnetik Moderator Staff Member

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    I guess it's a good thing that Zuckerberg sold a ton of stock before the drop.. what an amazing coincidence. /s
     
  28. Tweak42

    Tweak42 Gawd

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    Will this finally be the blowup that causes the general public to take a step back and consider how endemic personal data analytics has entrenched on all social media platforms?

    No one has said anything about google's data sharing policies and hardly any mention of twitter.
     
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  29. WhoMe

    WhoMe Gawd

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    For a week or two at best, then it'll all be forgotten as some new scandal comes along and FB stock recovers. No doubt FB will add some new (meaningless) privacy settings. In all it reminds me a lot of how MS address concerns in Windows 10.
     
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