TOBY SHAPSHAK: Facebook’s end is nigh
After losing $252bn in a day, Facebook’s reckoning is here — both from lawmakers and Wall Street
Ouch. Facebook’s subscriptions dropped by 1-million — from 1.93-billion to 1.92-billion — in the three months to December, and it lost $252bn in one day on February 3, the biggest selloff in history.
Facebook — now trying to hide from its shame by rebranding as Meta Platforms — is in big trouble, at last. This 26% plummet for what seems like a seemingly small drop in subscriber numbers is the result of years of bad corporate governance catching up with it. Mark Zuckerberg’s personal fortune also took a $30bn hit..