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Facebook down 20% in after hours


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2022 Oct 26, 6:57pm   7,846 views  60 comments

by AD   ➕follow (1)   💰tip   ignore  

Facebook or Meta peaked at $381 in Sept 2021

It is around $103 in after hours trading and has lost about 73% from its all time high of $381

What is Zuck trying to do ? Is it to prove a point about capitalism and the stock market ?

$$$$$ Notice Sheryl Sandberg bailed out at the right time. $$$$$

Or is he intentionally driving down the price so that they can buy back more shares ?

What gets me is that they finally said in today's earnings report that they are working on streamlining and cutting costs. This is the first time I've heard Meta say this in an official capacity.

What took them so long, or are they just trying to prove that its better to just employ useless workers, or to employ useful workers on useless projects ?

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24   just_passing_through   2022 Oct 27, 8:06pm  

ad says

I hope his investments are paying off.


??
25   EBGuy   2022 Oct 27, 8:16pm  

clambo says

It's gotta be worth a few times more than Twitter is.

Did you see the graphic I posted? That little green box is Twitter's market cap.
META is the much larger red box just to the left.
26   Patrick   2022 Oct 27, 8:45pm  

https://slaynews.com/economy/meta-fined-24-7-million-for-violating-washington-states-campaign-finance-transparency-law/

It's a small fine for Facebook's criminal activity, but maybe someone knows that larger fines are on the horizon because of Zuckerberg's funding of the ballot-stuffing mules in the 2020 election.
27   AD   2022 Oct 27, 10:57pm  

just_passing_through says

ad says

I hope his investments are paying off.

??


I am speaking of all the research and development investments that Meta or Facebook's Mark Zuckerberg is making such as VR headsets and Facebook Reels.

I do notice Reels has become more popular as more people are using it.

.
28   Hugh_Mongous   2022 Oct 27, 11:30pm  

I watched his introduction of the new avatars (well, the first 40-something seconds of it) and found it incredibly silly. (They have asses and legs now, yay!) I can understand the allure of the augmented reality, like you put on the goggles, look at the car's engine and it highlights the fasteners you need to undo and parts take off in order to perform some repair... this kind of thing. But the whole idea of holding "meetings" of "avatars" in some "virtual rooms"... We held shitloads of zoom meetings at work since that coof BS started and nobody even bothered to turn on the fucking camera - voice and ability to share screen is plenty enough to be effective. Avatars add nothing. They are pointless.
29   AD   2022 Oct 27, 11:56pm  

Hugh_Mongous says

But the whole idea of holding "meetings" of "avatars" in some "virtual rooms"..


I agree. I wonder if Meta will try to make it more for entertainment such as Disney mixes education with entertainment at Disney Epcot.

.
30   AD   2022 Oct 28, 12:00am  

zzyzzx says

Why is Meta stock tanking? 'The wrong number at the wrong time,' analyst explains


Here is where I think the Meta investments such as into Reels will help to compensate for all the spending. Read below, and I have seen Reels videos personally in my Facebook newsfeed. Reels has taken off and seems very popular. And I think more and more people will want to use it instead of relying on the Chicom-owned Tik Tok. Remember when many doubted Meta being able to pull off Reels and for it to gain any popularity ?

" In terms of competition, Meta’s fierce head-to-head with TikTok has overshadowed its effort with short video form content. Nevertheless, Meta users are consuming 140 billion Reels a day, a 50% increase from six months ago, and they generated $3 billion in annual ad revenue. Zuckerberg told analysts it is attempting to close the gap to monetize reels at the same rate as the Instagram Feed or Stories. "

https://www.marketwatch.com/story/analysts-slash-their-ratings-on-meta-as-costs-balloon-the-bad-news-is-you-suck-the-good-news-is-you-can-only-get-better-11666866655

,
31   Patrick   2022 Oct 28, 12:26am  

ad says

Meta users are consuming 140 billion Reels a day


This seems implausible to me. 20 for every human on earth? Say only 1/10 of the world is really on Facebook each day. Do those users average 200 Reels per day?
32   AD   2022 Oct 28, 9:22am  

Patrick says

This seems implausible to me. 20 for every human on earth? Say only 1/10 of the world is really on Facebook each day. Do those users average 200 Reels per day?


Patrick, I can see users watching (or "consuming") 200 Reels videos per day. Most of the videos are about 10 to 15 seconds long.

So that is 50 minutes per day per user watching Reels videos.

I think Facebook's active daily users is 1.97 billion. So figure about 1 billion watch the Reels videos, which is about in line with your estimate of 1/10.

.

.
34   Patrick   2022 Oct 28, 3:07pm  

Patrick says


https://slaynews.com/economy/meta-fined-24-7-million-for-violating-washington-states-campaign-finance-transparency-law/

It's a small fine for Facebook's criminal activity, but maybe someone knows that larger fines are on the horizon because of Zuckerberg's funding of the ballot-stuffing mules in the 2020 election.




I'm convinced that a lot of that $419 million was for organization of the massive election fraud in 2020, and payments to the fraudsters who stuffed the ballot boxes with fake ballots, taking selfies as they did so in order to get those payments.
36   WookieMan   2022 Nov 7, 3:52am  

Patrick says

This seems implausible to me. 20 for every human on earth? Say only 1/10 of the world is really on Facebook each day. Do those users average 200 Reels per day?

Yes. I don't understand how it makes facebook money though (reels specifically). Ads are sprinkled in between content creators, but people just swipe past them. I have to imagine the conversion rate on those ads is under 1% that result in a sale or hell even a click.

I'll watch reels on the shitter to be honest. Some are funny. I could easily watch 40-60 during my morning sessions if you catch my drift. I don't post, comment or like anything on Facebook. It's honestly information about friends and realizing what a shit show our society has become. In a weird way it's kind of funny. I also use it for services. Going to Mexico next week and need to book a golf cart driver for Isla Mujeres. They're simple down there and FB was the only way to get in contact. We've used them before. It does have communication value for me. I don't like it, but I can deal with it. I was an early user as I was in college once it came out. My privacy is fucked so what difference does it make?
38   zzyzzx   2022 Nov 10, 10:00am  

https://www.bizjournals.com/sanjose/news/2022/11/09/heres-what-zuckerberg-told-meta-employees.html

Here is the full text of the letter Meta Platforms Inc. CEO Mark Zuckerberg sent to employees Wednesday:
39   EBGuy   2023 Feb 2, 1:02am  

1337irr says

Time to buy puts on Meta? Layoffs this week.

I think you meant calls...
41   FortwayeAsFuckJoeBiden   2023 Mar 7, 6:21pm  

meta product is shit.
42   PeopleUnited   2023 Mar 7, 8:22pm  

The users are the product of Meta. My guess is users are way down.
43   Patrick   2023 Mar 15, 9:06pm  

https://slaynews.com/news/facebook-slash-thousands-more-jobs-company-continues-struggle/


Facebook to Slash ‘Thousands More Jobs’ as Company Continues to Struggle

... In recent years, Facebook has gained a reputation for being for older users and has struggled to attract younger audiences.


I'm pretty sure they've lied about their user numbers all along.
44   AD   2023 Mar 15, 10:13pm  

Patrick says

I'm pretty sure they've lied about their user numbers all along.


true patrick, its easier to lie about that then to lie about assets and liabilities

.
45   richwicks   2023 Mar 16, 12:50am  

ad says

I am speaking of all the research and development investments that Meta or Facebook's Mark Zuckerberg is making such as VR headsets and Facebook Reels.

I do notice Reels has become more popular as more people are using it.


There is no way to know what is becoming popular and what isn't.

Zuckerberg is the biggest fucking liar in Silicon Valley. He lies constantly. Claims about profitability and users, and so on, should be entirely disregarded. He's a fucking liar. Take it from me, I'm here, he's a fucking liar. He lies about what his company does, he engages in illegal activity to bypass privacy on the devices people are STUPID enough to place his software on, he's a fucking criminal.

And he's fully supported by our intelligence agencies.
46   Booger   2023 Mar 17, 1:42pm  

https://finance.yahoo.com/news/meta-hoarded-us-pokemon-cards-120104362.html

Meta ‘hoarded us like Pokemon cards’: Former staffer reveals she had to ‘fight for work’ at company

Silicon Valley VC Keith Rabois of the so-called PayPal Mafia told a banking event earlier this month that Big Tech companies like Meta and Google had hired thousands of people to do “fake work” to hit hiring metrics out of “vanity”—and to stop them working for rivals.

Speaking following layoffs at Google owner Alphabet (12,000) and Meta (11,000 in November and a further 10,000 this month), Insider reported Rabois saying, “There’s nothing for these people to do—it’s all fake work. Now that’s being exposed, what do these people actually do, they go to meetings.”

According to one former member of Meta's staff, Rabois's theory is absolutely true.

Former Meta employee Brit Levy has taken to TikTok to share her "weird" experience in Mark Zuckerberg's social media giant. In a video which has now amassed more than 1 million views, Levy explained: "I was hired in April 2022; three days after I was hired we were asked to take a diversity survey.

"Everyone else that I worked with got to work on stuff but I didn't. So I am one of those employees that was hired into a really strange position where they immediately put me into a group of individuals that was not working.

"I mean, like, we were just sitting there. We had to basically fight to find work. It was a very strange environment and it kind of seemed that Meta was hiring people so that other companies couldn't have us and they were just hoarding us like Pokémon cards."

Meta did not immediately respond to Fortune's request for comment.

'Year of efficiency'
Levy's TikTok comes after Mark Zuckerberg embarked on a "year of efficiency" at Meta, saying the company is "going to be more proactive about cutting projects that aren’t performing or may no longer be as crucial."

Beyond a turbulent economic outlook, inflation, and Fed rate hikes, Meta has had to deal with slowing advertising revenue at the company. At the same time, investors and Meta shareholders have grown critical of Zuckerberg’s decision to steer the company into uncharted waters with his metaverse push, first announced in late 2021.

Responding to a comment from a viewer who said that getting paid to do nothing sounded "awesome," in another video Levy countered that the practice was actually "really screwing up" people's careers.

The mom of two explained: "It's not really getting paid to do nothing, you're getting paid to put your career on hold. You're getting paid a temporary salary that is going to potentially reduce your lifetime earning potential.

"A lot of people turned down other very legitimate good opportunities or they left really good jobs to go to Meta and get in these jobs. Then when they were not doing anything it's like, 'Okay, what is going to happen? I'm not learning new skills, I'm not working on projects.'"

"It puts you in the position where it's really difficult to get another job. It's a tradeoff and it sounds great, but it's going to really screw up people's careers."

Killing time in the metaverse
Levy previously told Insider she was hired on Meta's Sourcer Development Program, a 12-month program that helps workers from underrepresented groups enter the corporate technology recruiting industry. Beginning the program in April, she was laid off after just six months and claims she refused to sign a severance package.

She said people in the program were assigned to different teams, with hers happening to be one of those with a small workload. As a result, she said, she spent her time getting to know employees across the company.

"The participants of the program got placed on different teams throughout Meta," she explained. "The people on those teams were full-time employees who had been with Meta for years—and those people weren't doing anything.

"I had all the time in the world to just message random people: engineers, program managers, project managers. I messaged them and had a 15- to 20-minute conversation about what they did all day and they would tell me they weren't working on anything either.

"We also had groups of people that were doing this thing called dog-fooding which is where you just volunteer to metaquest, go into the metaverse and look and see if you can run into any bugs or glitches and then just report on it. A bunch of people were doing this because we had nothing to do."
47   GNL   2023 Mar 17, 2:35pm  

Start your own fucking companies or find a cutting edge small company with a brilliant idea.
48   Eric Holder   2023 Mar 17, 2:50pm  

Booger says

https://finance.yahoo.com/news/meta-hoarded-us-pokemon-cards-120104362.html

Meta ‘hoarded us like Pokemon cards’: Former staffer reveals she had to ‘fight for work’ at company

Silicon Valley VC Keith Rabois of the so-called PayPal Mafia told a banking event earlier this month that Big Tech companies like Meta and Google had hired thousands of people to do “fake work” to hit hiring metrics out of “vanity”—and to stop them working for rivals.

Speaking following layoffs at Google owner Alphabet (12,000) and Meta (11,000 in November and a further 10,000 this month), Insider reported Rabois saying, “There’s nothing for these people to do—it’s all fake work. Now that’s being exposed, what do these people actually do, they go to meetings.”

According to one former member of Meta's staff, Rabois's theory is absolutely true.


I'll rub it in next time I see my buddy who jumped to Fuckbook a year or so ago. =))
49   EBGuy   2023 Mar 17, 4:19pm  

Everyone here missed out on doubling their money over a 3 month period. Wow, how many times does an opportunity like that come along...
Be fearful when others are greedy, and greedy when others are fearful.” W. Buffet
50   GNL   2023 Mar 17, 7:42pm  

EBGuy says


Everyone here missed out on doubling their money over a 3 month period. Wow, how many times does an opportunity like that come along...
Be fearful when others are greedy, and greedy when others are fearful.” W. Buffet

Lost out on what, Facebook stock?
51   richwicks   2023 Mar 17, 7:47pm  

EBGuy says

Everyone here missed out on doubling their money over a 3 month period. Wow, how many times does an opportunity like that come along...
Be fearful when others are greedy, and greedy when others are fearful.” W. Buffet


Warren Buffet is full of shit. He uses government at this point to guarantee his investments after the government creates the panic in the first place. He's not an investor, he's a manipulator.
53   zzyzzx   2023 Jul 11, 9:45am  

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55   Eman   2023 Jul 16, 6:33pm  

FB closed $98 since this post. It’s now $309. Over 200% gains in 9 months. The bounce is simply mesmerizing.
56   FortwayeAsFuckJoeBiden   2023 Jul 16, 8:52pm  

Eman says

FB closed $98 since this post. It’s now $309. Over 200% gains in 9 months. The bounce is simply mesmerizing.


guys here don’t realize how news are manipulated by big guys to create bargains for themselves and selling opportunities when they need.
57   RWSGFY   2023 Jul 17, 1:56am  

EBGuy says


Everyone here missed out on doubling their money over a 3 month period. Wow, how many times does an opportunity like that come along...
Be fearful when others are greedy, and greedy when others are fearful.” W. Buffet


What "their money"? All their money? Or just "some of their money"? The latter is trivial*, the former in not credible. Show me somebody, anybody, one guy who put all his money into fuckbok back then.

*) Most people have exposure to fuckbook stonks via mutual funds in their 401k.
58   AD   2023 Jul 17, 9:36pm  

FortwayeAsFuckJoeBiden says

guys here don’t realize how news are manipulated by big guys to create bargains for themselves and selling opportunities when they need.


yes, it is all rigged rigged
60   zzyzzx   2023 Oct 25, 11:38am  

https://www.wbaltv.com/article/maryland-meta-facebook-instagram-lawsuit-youth-mental-health/45631058

Maryland among dozens of states to sue Meta over 'youth mental health crisis'

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