Facebook took the biggest one-day drop in history last Thursday, losing $119 billion. Part of the reason is slow revenue growth along with criticism that the social media platform isn’t doing enough to regulate itself with fake news by Russian troll farms, abuse of privacy by third parties, politicians in Europe and the U.S. wanting some control, and user complaints that Facebook is limiting views to their content.
I have some experience with the limited views issue, and so do some of my clients. Previously, my cartoons would reach thousands of people. Now, on a good day, I might get a few hundred. After this cartoon is posted, I’ll receive an email from Facebook trying to entice me to spend money to “boost” the post so more people will see it. Do you get the idea? Facebook is limiting views, so we’ll pay for more.
A lot of conservatives are complaining that Facebook is discriminating against them and limiting their views. Conservatives, who love calling people “snowflakes,” just like to complain and pretend they’re being victimized. I can assure you, Facebook is doing it to everyone.
Facebook is finding other ways to make a few bucks. Now, the videos you didn’t ask to see in your news feed even contain ads in the middle of them. I was actually captivated by a video about anteaters when a Firestone ad popped up I was forced to sit through if I wanted to finish the micro-documentary about the ant suckers.
I don’t know what’s going on with Twitter since I never look at my news feed on that platform, and only pay attention to my notifications. But, Twitter saw its value plunge 20% after its earnings report said the number of monthly active users on the platform fell. That must be true as even a large portion of Donald Trump’s followers are bots.
Facebook CEO Mark Zuckerberg took a huge hit also, as he personally lost nearly $17 billion in one hour on Thursday. According to one financial analyst, that’s nearly 1.7 times as much money as Donald Trump claims he’s made in his entire life. So, it’s probably about five times as much as Trump has made in his lifetime.
But, I have about as much concern for Zuckerberg’s wealth as I do over one of Betsy DeVos’ nine yachts being vandalized (did someone poop on her poop deck?). Zucko is still worth around $70 billion.
The good news for Facebook is that we’re getting closer to November’s midterm election, so Russian troll farms will probably increase their advertising spending.
Between cat and vacation photos, bullies who slut and fat shame, and your uncle being a Russian troll, I have faith Facebook won’t return its spot to MySpace.
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