Oh, how the mighty have fallen.
As recently as July, Facebook’s stock prices had hit all-time highs.
That was BEFORE their troubles started catching up to them.
Troubles like ‘security breeches’, privacy violations, and a massive drop-off in people regularly using Facebook itself, especially among the younger ‘digital natives’ who don’t appreciate Facebook’s approach of commoditizing them.
For a platform whose entire business model centers around profiting off the people who use their ‘free’ service, those are not insignificant problems.
From a high of $217.50 a share as recently as July, Facebook is now trading in the low $130’s.
Those are some serious losses.
The marked decline in the Menlo Park, California-based company’s trading price came as the social media platform faced backlash over its user data policies as well as its moderating practices.
Though the effects of the public’s displeasure was felt immediately, Zuckerberg has said those concerns will likely take years to address.
His own wallet was also hit in the scandal, with Zuckerberg’s net worth declining by $32.7 billion as of market closing time on Wednesday.
He’s had to interrupt that pledge of his to sell off shares and donate his wealth to various charitable causes.
Zuckerberg isn’t alone, however, in selling off his stock.
Senior executives and directors from tech giants including Facebook, Amazon.com Inc., Netflix Inc. and Google parent Alphabet Inc. sold about $7.1 billion of stock last year.
That’s the highest amount unload by the top brass since 2016, when they let go of $10.7 billion in shares, according to data compiled by Bloomberg.
They aren’t the media darling they once were. Maybe alienating half of the American population and censoring ideas you dislike had something to do with it.
It’s why we’ve kicked Facebook to the Curb.
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