Ooops, Facebook's Market Cap Plunges By $140 Billion

He (CFO) blamed the dollar, adding “new experiences,” and having to back off its horrendous privacy practices:

“In terms of what’s driving the deceleration, it’s a combination of factors. First of all, there’s currency that’s going from a tailwind to a modest headwind. Secondly, we’re going to be focusing on growing new experiences like Stories . . . and that’s going to have a negative impact on revenue growth. And we’re giving people who use the service more choice in terms of privacy.”

This was when shares came unglued and plunged 23%. And Facebook’s market capitalization, at $621 billion before the market closed, plunged by $143 billion.


David Stockman's Contra Corner is the only place where mainstream delusions and cant about the Warfare State, the Bailout State, Bubble Finance and Beltway Banditry are ripped, refuted and rebuked. Subscribe now to receive David Stockman’s latest posts by email each day as well as his model portfolio, Lee Adler’s Daily Data Dive and David’s personally curated insights and analysis from leading contrarian thinkers.