Facebook’s Monopoly Is Imploding Before Our Eyes

[Zeedox]

Facebook’s Monopoly Is Imploding Before Our Eyes

Competition, miscalculations, and regulatory scrutiny have all but killed the advertising giant's dreams of diversifying its business and rolling up the digital world into its platform.

www.vice.com

In a little over one year, the company has shed nearly $800 billion of its market capitalization, with the lion's share of that coming these past eight months...

...The company’s pivot to the metaverse, complete with a name change (Meta Platforms Inc.) and a soulless PR campaign featuring chief executive Mark Zuckerberg’s sickly digital avatar, has resulted in it hemorrhaging money, while its core products—Facebook, Instagram, and WhatsApp—all seem to have very real vulnerabilities. Reality Labs, Facebook's metaverse fantasy team, burned through $4.5 billion in 2019, $6.62 billion in 2020, and $10.19 billion in 2021 (that’s over $21 billion).

 

[Gomez Adams]

The moment I heard "meta" I knew it was going to flop.

I've seen a BUNCH of WhatsApp commercials lately. They're selling it as "use this instead of regular texts on your phone because your texts aren't encrypted and everybody can read them while WhatsApp is encrypted and secure.

Yeah. Sure. Right.

Giving the company that owns Facebook all of your messages is secure.

 

[Gomez Adams]

The last time Facebook stock was as low as it finished today was July of 2015.

Over 7 years of gains completely wiped out in one year.

Well done, Zuckerberg. Well done.

 

[Gomez Adams]

And here it comes:

WSJ News Exclusive | Facebook Parent Meta Is Preparing to Notify Employees of Large-Scale Layoffs This Week

The social-media giant’s planned cuts are expected to affect many thousands of its workforce, which exceeded 87,000 as of September.

www.wsj.com

The layoffs are expected to affect many thousands of employees and an announcement is planned to come as soon as Wednesday, according to the people. Meta reported more than 87,000 employees at the end of September. Company officials already told employees to cancel nonessential travel beginning this week, the people said.​

 

[Zeedox]

Good thing Elon's only charging 8 bucks...

 

[Gomez Adams]

11,000 people laid off last night. They're just finding out this morning. It's not expected to be the final layoffs.