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Discussion Facebook loses over 250 billion dollars in market value, biggest 1 day drop in history

Mekanos

Mekanos

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www.bloomberg.com

Meta Erases $251 Billion in Value, Biggest Wipeout in History

Meta Platforms Inc.’s one-day crash now ranks as the worst in stock-market history.
www.bloomberg.com www.bloomberg.com

Meta Platforms Inc.’s one-day crash now ranks as the worst in stock-market history.

The Facebook parent plunged 26% Thursday on the back of woeful earnings results, and erased about $251.3 billion in market value. That’s the biggest wipeout in market value for any U.S. company ever.

And while the stock could certainly bounce back in coming days, especially given the volatility that’s gripped the technology sector this year, the mood on Wall Street has turned decidedly bleak on the long-time market darling.
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Looks like the Metaverse wasn't exactly producing golden eggs.


 
IMO they placed the bet on something that is infeasible or desirable. Like, who the fuck wants to pay for VR so you can be bombarded with even more ads.
 
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Hell yes lol

Also LOL @ pivot to video. So, same plan as before when you were Facebook, now branded as Meta... time to fake analytics again, fuck over a bunch of content creators and put creatives out of jobs? Great.
 
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I'm glad they are willing to shovel that kind of money into advancing VR.

I am also glad I am not a shareholder, and not even talking about the drop. I just have no idea when this bet could pay off, but I doubt within 5 yrs
 
uncleoptimus said:
I'm glad they are willing to shovel that kind of money into advancing VR.
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They are likely not advancing much for the rest of us.

They're selling the most affordable VR headset thanks to subsidizing it by data harvesting its users, while investing in game exclusives for their platform. This... doesn't really benefit the wider world of VR at all, just their own operations.

I'm also calling they'll drop it like a stone relatively soon. Their foray into VR was related to all of this, they wanted the Metaverse to be VR for the average Facebook user so they could do advanced data harvesting on them. The average Facebook user is now a 40+ right wing nut that is likely going to believe VR is some mind control device.

They have fucked themselves into a corner.
 
Facebook sucks. There was a tiny period of time that it didn't suck as much but it has outlived its usefulness.
 
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you monsters, don't you think how Zuck won't be able to pass the winter in Hawaii the next year most likely?
how will he keep his blood warm? poor Fuckenberg...
 
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Imagine having an idea so shitty and undesirable that when you show it to the world and ask them to be excited about it, you instantly lose 250 fucking billion dollars lol lmao.
 
Tangerine_Cookie said:
They are likely not advancing much for the rest of us.

They're selling the most affordable VR headset thanks to subsidizing it by data harvesting its users, while investing in game exclusives for their platform. This... doesn't really benefit the wider world of VR at all, just their own operations.
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Yea Meta is gonna be hard to trust as the wardens of the platform that they envision (understatement).

But to be clear, I am bullish not about their ability to bring their "metaverse" vision to fruition (like you, I don't know how much longer they will be allowed to pursue a money-losing initiative at this scale) but rather more about general advancements in the hardware, software, and public understanding/acceptance of high-quality VR application. I'm hopeful about concrete gains that can be carried forward, even if/when they exit. When they are not being gross about their platform-control aspirations, their actual tech announcements in the space have been exciting and I've been surprised that major retailers have kept the headsets on display and demoable to the public for all these years.

That said I don't want to short-change the contributions of other companies and teams in the space, it certainly ain't all about them!
 
uncleoptimus said:
Yea Meta is gonna be hard to trust as the wardens of the platform that they envision (understatement).

But to be clear, I am bullish not about their ability to bring their "metaverse" vision to fruition (like you, I don't know how much longer they will be allowed to pursue a money-losing initiative at this scale) but rather more about general advancements in the hardware, software, and public understanding/acceptance of high-quality VR application. I'm hopeful about concrete gains that can be carried forward, even if/when they exit. When they are not being gross about their platform-control aspirations, their actual tech announcements in the space have been exciting and I've been surprised that major retailers have kept the headsets on display and demoable to the public for all these years.

That said I don't want to short-change the contributions of other companies and teams in the space, it certainly ain't all about them!
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I don't trust them to do any of that either!

The Quest is an absolute toxic product for the VR environment in regards to how it's setting the public's expectations towards VR. It's gotten to a mass market acceptable price point by subsidizing it to hell and back, since Meta can afford to lose money on hardware and recoup it with data harvesting. No one else is going to do this, and if they did, it would actually be awful for everyone. And yet, now the wider public is gonna keep expecting tech at certain levels to be affordable at specific price points.

I am all for making VR more affordable (Especially since we definitely need entry level headsets to be a thing, in general! No one seems to be chasing that market but Meta, and at this point it should be relatively easy to get PCVR headsets with decent specs for under 200), but the Meta approach with subsidization is not the way to go about it. We went through something similar with phones in here ages ago, and all it achieved was crashing the pre-smartphone cellphone market for a couple of years.
 
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metaverse one of those things where your first thought is "doesn't that already exist?" and your second thought is "that sounds like it sucks"

surprised it took this long for things to tank
 
Well earned. Now, please do it again and lose another 250 bn. No one needs that algorithm that promotes hate, racism and conspiracy fake news.
 
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Hermii said:
Flight simulator says hi.
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That was roughly a decade later and had little to do with what was originally promised (better physics calculations for destruction in Crackdown, for example).
Correct me if I'm wrong, but it's essentially high quality map data that's too big to fit on a disc, so it's being streamed as you play, is it not? It's a fantastic achievement but is it any different from streaming assets in Google Earth?
 
efyu_lemonardo said:
That was roughly a decade later and had little to do with what was originally promised (better physics calculations for destruction in Crackdown, for example).
Correct me if I'm wrong, but it's essentially high quality map data that's too big to fit on a disc, so it's being streamed as you play, is it not? It's a fantastic achievement but is it any different from streaming assets in Google Earth?
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Its streaming map data and uses machine learning to procedurally generate them in 3D. Along with real world air traffic, weather conditions, time of day etc. Its much more impressive than Google earth.

www.gamedeveloper.com

Head in the cloud: Flight Simulator's cutting-edge tech, today and tomorrow

With the console release of Flight Simulator on the horizon, we speak with Microsoft Flight Simulator head Jorg Neumann about how the game aspired to "twin" the planet, and potential for cloud computing in future games.
www.gamedeveloper.com www.gamedeveloper.com

Yea it took some time to get there, and it didn't come in exactly the form that was promised but we have a spectacular example of a game that would have been impossible without the power of the cloud. It shows the true potential of the tech.
 
Hermii said:
Its streaming map data and uses machine learning to procedurally generate them in 3D. Along with real world air traffic, weather conditions, time of day etc. Its much more impressive than Google earth.

www.gamedeveloper.com

Head in the cloud: Flight Simulator's cutting-edge tech, today and tomorrow

With the console release of Flight Simulator on the horizon, we speak with Microsoft Flight Simulator head Jorg Neumann about how the game aspired to "twin" the planet, and potential for cloud computing in future games.
www.gamedeveloper.com www.gamedeveloper.com

Yea it took some time to get there, and it didn't come in exactly the form that was promised but we have a spectacular example of a game that would have been impossible without the power of the cloud. It shows the true potential of the tech.
Click to expand...
Thanks for the detailed explanation: I stand corrected! Maybe one day we'll also see something that lives up to some of the promises of the Metaverse.
 
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