Despite the rally on Friday, the shares of Meta Platforms lost more ground, falling 1.0% to $159.10 at the close, and more after-hours, same price where the shares had first been on July 13, 2017. Five years of nothing, with an exciting roller-coaster-ride in between. Four years and two months up, 10 months down. Since the peak in September 2021, the shares have plunged 59%.
The market value plunged from $1.077 trillion in September to $431 billion today. So, $647 billion have vanished in 10 months.
And there are a host of additional reasons why the shares should have plunged, and did plunge, including the first revenue decline as a public company; a spike in expenses; a 35% plunge in net income; and the dubious future of Facebook – I mean, is anyone other than boomers still using it?
Actual reality is just fine with me, and the virtual reality of the metaverse has no value to me, not even virtual value, and I don’t understand why it would have any value to anyone else. And if enough people think that way, it would be a bummer for Meta.Meta Plunged from 5th Most Valuable Stock to 11th, behind Visa. In 10 Months, $647 Billion Vanish | Wolf Street